US stocks tumbled Friday to cap a week of volatile trading as investors reacted to downbeat earnings reports from blue-chip tech firms and worrisome economic data. The Dow Jones Industrial Average …
The Dow Jones Industrial Average plummeted 939.18 points, or 2.77%. The tech-heavy Nasdaq index fell 536.89 points, or 4.17%, and the broad-based S&P 500 sank 155.62 points, or 3.6%.
Concerns about renewed COVID-19 lockdowns in China and the looming possibility of a recession added more pain for the market.its first quarterly loss in seven years Apple shares also dipped nearly 4% after the iPhone maker warned that supply chain woes could hurt sales by a whopping $4 billion to $8 billion in its current quarter.All 11 S&P 500 sector indexes traded lower. The Nasdaq has shed about 13% in April — its worst monthly performance since the Great Recession.
“When assumptions about these companies’ growth fail to materialize, then there’s definitely a ‘shoot first and ask questions later’ mentality,” he added.
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