Wall Street is poised to wrap up a dismal April, with the Nasdaq on pace to record its worst month since the onset of the pandemic.
One hour after the opening bell, the Dow Jones industrial average was down about 400 points, or 1.1 percent, while the broader S&P 500 index had moved 1.6 percent lower.
The tech-heavy Nasdaq, which was trading down 1.5 percent Friday, has tumbled 12 percent in April and is on pace for its worst monthly performance since March 2020, according to MarketWatch.
“April trading is wrapping up in a familiar way as investors continue to mull over high inflation, the war in Ukraine, and impacts of Covid restrictions in China,” said Chris Larkin, managing director for international trading at E-Trade Financial. “A packed week of earnings did little to ease fears as many big names acknowledged expected headwinds this quarter and updated guidance.”
The biggest reason for Wall Street’s very-bad April has been persistent concerns that inflation and rising interest rates could spark an economic slowdown, or possibly even a recession.
This is a developing story and will be updated.