Market Updates
Nasdaq Plunges 4% Extending Year's Loss to 21%
Barry Adams
26 Apr, 2022
New York City
The S&P 500 and Nasdaq Composite accelerated market declines in the afternoon after nervous investors decided to sell tech stocks ahead of earnings and avoid Netflix-type blow ups.
The Nasdaq Composite fell 4% and fell further in bear zone with year-to-date losses of 22%.
The S&P 500 index declined 2.8% today and extended year-to-date losses to 13%.
Netflix dropped 4% and Microsoft, Alphabet, Meta Platforms, and Apple fell more than 3%.
Banks were down on the growing worries that the economic slowdown maybe in the cards for the rest of the year.
Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America declined more than 2%.
Crude oil jumped $3.52 to close at $102.03 a barrel and 10-year U.S. Treasury yield eased to 2.746%.
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