More steep losses for technology stocks pushed major indexes lower on Friday, leaving them with steep losses for April.
The S&P 500 notched its worst month since the beginning of the pandemic and the Nasdaq had its biggest monthly loss since 2008.
Amazon slumped after the internet giant posted its first loss since 2015. Big Tech has been leading the market lower all month as traders shun the high-flying sector. Tech has started to look more and more expensive after posting outsize gains during the pandemic and as the Federal Reserve steps up its fight against inflation with higher interest rates, which could slow the economy.
The S&P 500 fell 155.57 points, or 3.6%, to 4,131.93.
The Dow Jones Industrial Average fell 939.18 points, or 2.8%, to 32,977.21.
The Nasdaq fell 536.89 points, or 4.2%, to 12,334.64.
The Russell 2000 index of smaller companies fell 53.84 points, or 2.8%, to 1,864.10.
For the week:
The S&P 500 is down 139.85 points, or 3.3%.
The Dow is down 834.19 points, or 2.5%.
The Nasdaq is down 504.65 points, or 3.9%.
The Russell 2000 is down 76.56 points, or 3.9%.
For the year:
The S&P 500 is down 634.25 points, or 13.3%.
The Dow is down 3,361.09 points, or 9.2%.
The Nasdaq is down 3,310.33 points, or 21.2%.
The Russell 2000 is down 381.21 points, or 17%.