The policies of the failed Biden regime have lead to the worst month in the tech heavy Nasdaq since October of 2008. You remember 2008 don’t you? The start of the great recession under Bush that was made worse under Obama? April 2022 will go down as one of the worst months in history. This time, there’s no recession (yet), no breakout of a pandemic (like 2020) and no US troops in the middle east.
Stocks sank Friday as the market opened with a sell-off in technology stocks, capping a brutal month for Wall Street.
The tech-heavy Nasdaq composite and the S&P 500 index were both down roughly 1.6 percent Friday morning, while the Dow Jones Industrial Average opened the final trading day of April with a loss of 1 percent.
All three major indexes were on track to end April with steep losses, driven largely by threats from higher interest rates, energy prices and inflation.
The Nasdaq is on pace to close April down 13 percent from the start of the month — its worst monthly loss since October 2008 — and nearly 20 percent since the start of the year. The S&P is down roughly 9 percent since the start of the month, and the Dow is off 5 percent from its opening level in April.
“Fears of slowing growth, higher interest rates, uncertainty about supply chains and geopolitical events have weighed on the broader market, but tech has carried the brunt of the pain,” wrote Lindsey Bell, chief market strategist at Ally Invest, in a Friday research note.
A nosedive in technology stocks, which soared throughout most of the past two years, fueled much of the overall decline in the market. Amazon was down 12.1 percent Friday after reporting a $4 billion quarterly loss Thursday afternoon. Shares of Apple, Alphabet, Netflix and Microsoft were also down more than 2 percent each on the day.