Stocks plunged on Friday and hit new lows for 2022, wrapping up a brutal sell-off this month as investors continued to dump tech shares amid ongoing uncertainty around an economic slowdown caused by surging inflation and the prospect of aggressive interest rate hikes.
The Dow Jones Industrial Average fell 2.8%, over 900 points, while the S&P 500 lost 3.6% and the tech-heavy Nasdaq Composite 4.2%.
The Nasdaq posted its worst month since October 2008, falling roughly 15% as tech stocks were among the hardest hit by sell-offs in recent weeks.
Both the Nasdaq and S&P 500 (down nearly 9% this month) hit new lows for 2022 as investors continue to face a myriad of uncertainties, from the Federal Reserve’s upcoming interest rate hikes and surging inflation to Covid-19 cases in China and the ongoing was in Ukraine.
Shares of tech giant Amazon became the latest to crater following weaker-than-expected first quarter earnings: The stock plunged 14% on Friday after disappointing results.
Shares of other tech stocks also moved lower, with Intel and Apple falling 7% and nearly 4%, respectively, amid gloomy outlooks that spooked investors.