Dow plunges over 900 points amid market sell-off
Posted On April 29, 2022
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NEW YORK, April 29 (Xinhua) — U.S. stocks fell sharply on Friday as April sell-off continued on Wall Street.
The Dow Jones Industrial Average tumbled 939.18 points, or 2.77 percent, to 32,977.21. The S&P 500 fell 155.57 points, or 3.63 percent, to 4,131.93. The Nasdaq Composite Index shed 536.89 points, or 4.17 percent, to 12,334.64.
All the 11 primary S&P 500 sectors ended in red, with consumer discretionary and real estate down 5.92 percent and 4.9 percent, respectively, leading the losses. Technology and communication services dipped 4.14 percent and 3.58 percent, respectively, also among the worst-performing groups.
Amazon shares slumped 14 percent after the e-commerce giant on Thursday gave lighter-than-expected revenue guidance for the current quarter.
Apple shares fell more than 3 percent after its executives warned of several challenges in the current quarter, such as supply constraints.
On the data front, U.S. Commerce Department reported Friday that U.S. personal consumption expenditures price index, the Federal Reserve’s preferred inflation measure, continued to surge by 6.6 percent in March over the past year.
The latest data is another reminder that inflation has been persistently high, which could warrant a 0.5-percentage point rate hike at the central bank’s policy meeting next week, as signaled by some Fed officials.
Elsewhere, the Consumer Sentiment Index released Friday by the University of Michigan Surveys of Consumers rose to 65.2 in the April survey, up from 59.4 in March, but well below last April’s reading of 88.3.
U.S. equities experienced a brutal month, pressured by multiple headwinds, including persistent inflation, concerns over the Federal Reserve’s policy tightening and the ongoing Russia-Ukraine conflict.
In April, the Dow fell 4.9 percent, and the S&P 500 lost 8.8 percent. The tech-heavy Nasdaq was particularly hard-hit, plunging 13.3 percent, its biggest monthly drop since October 2008, according to Dow Jones Market Data.