The best thing Wall Street investors can say about the month of April is that it's over. Friday was another miserable day, with Amazon's gloomy earnings and resulting stock drop leading the way to a rout in tech stocks, reports the Wall Street Journal. The Dow fell 939 points, or 2.7%, to 32,977; the S&P 500 fell 155 points, or 3.6%, to 4,131; and the tech-dominated Nasdaq cratered 536 points, or 4.1%, to 12,334. What's more, the Nasdaq dropped about 13% for the month of April, its worse monthly performance since the 2008 financial crisis. The tech sector has been an anchor on the broader market all month.
During the pandemic, tech stocks went gangbusters, but they are now generally looking overpriced, per the AP. That's especially true with the Fed poised to raise interest rates substantially to curb inflation. “The markets are trying to wrap around a lot of different cross-currents,” Yung-Yu Ma of BMO Wealth Management tells CNBC. “With the Fed raising rates and all the uncertainties that the global economy is facing, it’s hard to get excited about paying the multiples that currently prevail in a lot of places in the market.”
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