Wall Street slides as Nasdaq books worst month since 2008

The Dow Jones Industrial Average slumped more than 900 points overnight as another sharp sell-off led by technology stocks added to Wall Street’s losses in April, resulting in the S&P 500 index’s biggest monthly skid since the start of the pandemic.

The Nasdaq composite, heavily weighted with technology stocks, bore the brunt of the damage this month, ending April with a 13.3 per cent loss, its biggest monthly decline since the 2008 financial crisis.Major indexes shifted 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.

Traders also continue to fret about the tough medicine the Federal Reserve is using in its fight against inflation: higher interest rates. The US central bank is expected to announce another round of rate hikes next week, a move that will further increase borrowing costs across the board for people buying cars, using credit cards and taking out mortgages to buy homes.

Big Tech has been leading the market lower all month as traders shun the high-flying sector. Tech had posted gigantic gains during the pandemic and now is starting to look overpriced, particularly with interest rates set to rise sharply as the Fed steps up its fight against inflation. The Commerce Department on Friday reported that an inflation gauge closely tracked by the Federal Reserve surged 6.6 per cent in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy.

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