Stocks Tank as Amazon Endures Worst Day Since 2006: Markets Wrap
- S&P 500 declines Friday with every sector in the red
- Treasuries on backfoot again with 10-year at about 2.9%
This article is for subscribers only.
Technology stocks extended losses Friday as shares of what were once market darlings at the height of the pandemic headed for their worst monthly drop since the global financial crisis.
Amazon.com Inc. led the decline with a 14% drop, the worst since 2006, as the ecommerce giant’s buildout during the pandemic proved to be too much amid waning consumer demand. The Nasdaq 100 retreated 4.5%, bringing its losses to 13% for the month, the most since October 2008. Meanwhile, the S&P 500 was 3.6% lower, with every major sector in the red.