Tech stocks sink again, Nasdaq has worst month since 2008

More steep losses for technology stocks pushed the S&P 500 down 3.6% on Wall Street Friday.

The Nasdaq fell 4% for the second time this week and finished April down 13.3%, 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.

Categories: National News