Wall Street posted its biggest daily losses since 2020 on Friday, under the impact of a free fall in Amazon shares, after the company released a grim quarterly report and as the biggest rise in monthly U.S. inflation since 2005 took a toll. investors already worried about rising interest rates.
The S&P 500 index closed down 3.63% at 4,131.93 points. The Dow Jones fell 2.77% to 32,977.21 points. The Nasdaq Composite technology index fell 4.17% to 12,334.64 points. The S&P 500 posted its biggest one-day decline since June 2020. The Nasdaq technology index’s decline was the biggest since September 2020.
Amazon.com Inc plunged 14.05%, the sharpest drop since 2006. The stock, with a strong presence in investor portfolios, is near two-year lows.
On Thursday, the e-commerce giant released disappointing quarterly data and outlook, stifled by higher costs.
All 11 sectors of the S&P 500 index sagged, led by a 5.9% drop in consumer discretionary stocks and a 4.9% loss in housing stocks.
The Nasdaq slipped about 13% in April, its worst monthly performance since the global financial crisis in 2008.
The S&P 500 is down 13% year-to-date in 2022, its worst decline in the first four months of a year since 1932.
For the week, the S&P 500 is down 3.3%, the Nasdaq has weakened 3.9% and the Dow Jones has lost 2.5%. The Fed is due to meet next week, with traders betting on a 50 basis point interest rate hike to fight rising inflation.
Source: CNN Brasil

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