U.S. stocks took big losses Friday with major markets showing record declines – including the Nasdaq Composite having its worst month since 2008.
The losses in the tech-stock heavy Nasdaq are being attributed to losses by Amazon, which has became the latest victim in the technology-led sell-off, according to CNBC. The composite fell 4.2%, with Amazon shrinking by 14%, its biggest decline since 2006.
The Standard & Poor 500 dropped by 3.6%. The Dow Jones Industrial Average lost about 940 points, or 2.8%, CNBC also reports.
The Nasdaq and S&P finished at a new low for 2022. Among investor concerns are the Federal Reserve’s monetary tightening, rising interest rates, inflation, COVID-19 case spikes in China, supply chain issues and the ongoing war in Ukraine, also according to CNBC.