Tech stocks sink again, Nasdaq has worst month since 2008

A pedestrian walks past the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are falling in early trading on Wall Street Friday, April 29, putting major indexes back into the red for the week after several sharp moves both up and down.

The benchmark S&P 500 fell 3.6% and finished April with an 8.8% loss, its worst monthly slide since March 2020. The Dow slumped 2.8%. “When you start to hear from companies saying that perhaps demand is down, the concerns over a deeper slowdown in the economy gains momentum, and that's where we are,” said Quincy Krosby, chief equity strategist for LPL Financial.

Smaller company stocks also had a rough day. The Russell 2000 slid 53.84 points, or 2.8%, to 1,864.10. The Commerce Department on Friday reported that an inflation gauge closely tracked by the Federal Reserve Persistently rising inflation has prompted central banks to raise interest rates in order to temper the impact on businesses and consumers.

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