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Tech Stocks Sink Again, Nasdaq Has Worst Month Since 2008

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Wall Street sinks

Losses for technology stocks accelerated on Wall Street Friday afternoon, pushing the Nasdaq toward its biggest monthly loss since the 2008 financial crisis. A sharp drop in Amazon was also weighing on indexes after the internet retail giant posted its first loss since 2015.

The S&P 500 was down 3.1% as of 3:36 p.m. Eastern, with technology and communication stocks among the biggest drags on the benchmark index. The Dow Jones Industrial Average fell 741 points, or 2.1%, to 33,193 and the Nasdaq slid 3.5%.

Major indexes have been shifting between slumps and rallies throughout the week as the latest round of corporate earnings hit the market in force. Investors have been reviewing a particularly heavy batch of financial results from big tech companies, industrial firms and retailers.

The volatile week caps off a dismal month for stocks as traders fret about the tough medicine the Federal Reserve is using in its fight against inflation: higher interest rates. That will increase borrowing costs across the board for people buying cars, using credit cards and taking out mortgages to buy homes.

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