U.S. stocks fell Friday with the S&P 500 on pace for the worst month since March 2020, as Amazon became the latest victim in the technology-led selloff.
The Dow Jones Industrials stumbled 467.11 points, or 1.4%, to 33,449.28.
The S&P 500 docked 83.45 points, or 2%, to 4,204.05.
The NASDAQ Composite doffed 272.56 points, or 2.1%, to 12,598.97.
The S&P 500 is down more than 6%, on pace for its worst monthly performance since the onset of the COVID pandemic. The NASDAQ is down around 11%, also its worst month since March 2020. The Dow is off by roughly 3% for the month.
The NASDAQ Composite sits in bear market territory, more than 21% below its intraday high. The S&P 500 is off its record by more than 12% and the Dow is around 9% lower.
Stocks were set to close out a dismal month as investors have contended with a slew of headwinds, from the Federal Reserve’s monetary tightening, rising rates, persistent inflation, COVID case spikes in China and the ongoing war in Ukraine.
Technology stocks have been the epicenter of the April selloff as high interest rates hurt valuations, and supply chain issues stemming from COVID and the war in Ukraine disrupt business.
Amazon on Friday sank about 12% — its biggest drop in roughly a decade — after the e-commerce giant reported a surprise loss and issued weak revenue guidance for the second quarter.
Apple shares dipped after management said supply chain constraints could hinder fiscal third-quarter revenue.
Intel also reported earnings Thursday evening. The stock fell 5% after the company issued weak guidance for its fiscal second quarter.
Friday wraps up one of the busiest weeks for the first-quarter earnings season and a particularly intense one for tech companies, which have driven investor sentiment throughout the week.
About 80% of S&P 500 companies have beat quarterly earnings expectations, with about half of the index’s members having reported results so far.
A hot inflation reading Friday underscored the difficult environment. The core personal consumption expenditures price index — the Fed’s preferred inflation gauge — rose 5.2% from a year ago.
Treasury prices fell, raising yields to 2.90% from Thursday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices moved up $1.15 to $106.51 U.S. a barrel.
Gold prices brightened $20.30 to $1,911.60 U.S. an ounce.
