Dow tumbles over 900 points, and the Nasdaq drops 4% on Friday

U.S. stocks tumbled on Friday, with the Nasdaq Composite and S&P 500 closing at new lows for 2022 following Amazon’s post-earnings slump. The high-tech Nasdaq Composite fell nearly 4% to 12,334.64 on April 27 at 1pm Eastern Time, while the S&P 500 fell 3% to 4131 by 2.30pm Central Time New York, which was a new low for both indices this year so far; The Dow Jones Industrial Average lost 939 points or close to 2%, down 190 points from its previous highs set two weeks ago when it closed at 32,977, mainly because investors are tired of what has happened globally over the past months . Uncertainty over Brexit and trade tensions between the US and China that have wiped out trillions of dollars from global equity markets.

Equities had their worst month since March 2020. Volatility in the US market is at an all-time high ahead of the Fed’s next interest rate hike, with fears that a very aggressive approach could further damage an already fragile economy.
US economic data this week showed that the country’s gross domestic product shrank 1.4% yoy in the first quarter of 2020, which is critical because it was the first time since the first quarter of 2020 that GDP has contracted so much and among other fears of a recession are rising inflation, an outbreak of COVID infection in China and the geopolitical uncertainty surrounding the war between Russia and Ukraine.