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The old adage is that stocks don’t bottom on Fridays. Of course, it’s also the final trading day of the month so that could have led to some special selling flows that could reverse on Monday as we begin May.
On the day:
- S&P 500 -3.6% worst single day since June 2020. Lowest close since May 2021
- Nasdaq -4.3%
- DJIA 2.8%
- Russell 2000 -2.9%
- Toronto TSX Comp -1.7%
Amazon was down 14% in its worst day since 2006.
On the week:
- S&P 500 -3.3%
- Nasdaq -3.9%
- DJIA -2.5%
- Russell 2000 -4.0%
On the month:
- S&P 500 -8.8% — worst monthly drop since March 2020
- Nasdaq -13.3% — largest monthly decline since 2008
- DJIA -4.9% — worst monthly drop since March 2020
On the year, the Nasdaq is now down 21.2%. With that as a monthly close, it’s a bear market in tech stocks.
Drawdowns in big-cap tech:
- AAPL 13.2%
- MSFT 18.7%
- GOOGL 23.6%
- TSLA 29.0%
- AMZN 34.1%
- NVDA 44.2%
- FB 47.4%
- NFLX 72.3%
This article was originally published by Forexlive.com. Read the original article here.