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 opening lower on Wall Street following drops in overseas markets, continuing a losing streak for U.S. markets that has brought the benchmark S&P 500 index down for three weeks in a row. Energy companies had the biggest losses in the early going Monday, April 26, 2022 as crude oil prices fell more than 5%.

Major indexes shifted between slumps and rallies throughout the week as the latest round of corporate earnings hit the market in force. Investors have been reviewing a particularly heavy batch of financial results from big tech companies, industrial firms and retailers. Traders also continue to fret about the tough medicine the Federal Reserve is using in its fight against inflation: higher interest rates. The central bank is expected to announce another round of rate hikes next week, a move that will further increase borrowing costs across the board for people buying cars, using credit cards and taking out mortgages to buy homes.

Smaller company stocks also had a rough day. The Russell 2000 slid 53.84 points, or 2.8%, to 1,864.10. has only added to inflation worries as it drives price increases for oil, natural gas, wheat and corn. The latest report on rising U.S. inflation follows a report from statistics agency Eurostat that shows inflationBond yields rose following the hot readings on inflation. The yield on the 10-year Treasury rose to 2.92% from 2.85%.

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