(Bloomberg) -- Microsoft Corp. shares have come under pressure this month, but even a rocky end to the third quarter of 2021 isn’t enough to erase what is set to be a record-setting streak of gains.
With the quarter set to end at the close of trading on Thursday, the software giant is up about 5% over the three-month period. Should it remain in positive territory, that would extend Microsoft’s record run to an 11th straight quarterly advance. The stock has soared about 180% since its most recent negative quarter, which was at the end of 2018. The rally has taken the stock through both the $1 trillion market capitalization barrier, as well as the $2 trillion.
Microsoft’s steady advance has been fueled by strong and durable demand for its cloud computing and enterprise software. The company has reported double-digit revenue growth for 16 straight quarters, per data compiled by Bloomberg.
Shares rose 0.5% on Wednesday. Thus far in September, the stock is down nearly 6%, putting it on track for its biggest monthly decline since September 2020. Recent weakness has come as rising bond yields broadly weigh on technology and internet names. Other megacap names, including Alphabet Inc. and Facebook Inc., are also on track for their biggest monthly drop in a year.
According to data compiled by Bloomberg, Old Dominion Freight Line is the only other component of the S&P 500 Index that is on track for a 11th straight quarterly gain. Among components of the Russell 3000 Index, Construction Partners is also on track for a streak of that length.
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