The Nasdaq finished at a new low for 2022 and the S&P 500 did as well, with the main stock benchmark taking out its previous low in March.
U.S. stocks sunk Friday with the Nasdaq Composite notching its worst month since 2008, as Amazon became the latest victim in the technology-led sell-off.
Stocks closed out a dismal month as investors 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.“The markets are trying to wrap around a lot of different cross-currents,” BMO Wealth Management’s Yung-Yu Ma said.
“The current market performance is threatening to make a transition from a longish and painful ‘correction’ to something more troubling,” Marketfield Asset Management Chairman Michael Shaoul wrote. 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.
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