HomeStock market newsStock market news April 29, 2022

Stock market news April 29, 2022

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The US stock market closed lower amid a strong selloff. Nasdaq lost 536 points and underperformed, and Dow Jones lost 939 points. The closing numbers for the US stock market follow. Small-cap stocks also declined.

S&P 500: 4,131.93,-155.57(-3.63%)
Dow 30: 32,977.21,-939.18(-2.77%)
Nasdaq: 12,334.64,-536.89(-4.17%)
Russell 2000: 1,864.10,-53.84(-2.81%)

Stock market news

“U.S. stock declines accelerated into the close on Friday as the major equity indexes ended a volatile month lower.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite each sank. The S&P 500 ended Friday’s session lower by 3.6%, and dropped about 8.8% for April to post its worst monthly performance since March 2020. The Dow dropped 4.9% for the month. The Nasdaq Composite was the biggest laggard, sliding by more than 13% in April alone in the index’s worst month since October 2008.

Treasury yields climbed, and the benchmark 10-year yield rose above 2.9%. Shares of tech juggernaut Amazon slid after the company unexpectedly posted a quarterly loss and offered a weaker-than-expected current-quarter forecast. Apple’s stock also declined even after the iPhone-maker exceeded quarterly sales and profit estimates, though the company still cited ongoing supply chain constraints.

A day earlier earlier, the S&P 500 closed out Thursday’s session sharply higher, gaining 2.5%, while the Nasdaq Composite rose by 3.1% in its best day since March 16. Still, the S&P 500 still posted its third monthly decline so far in 2022, even during a month that is typically seasonally solid for equities.

Volatility has resurged in recent weeks amid concerns over whether tighter monetary policies from the Federal Reserve might derail the economy. And these fears compounded with lingering jitters over persistent inflation, geopolitical turmoil and an ongoing COVID outbreak in China. The S&P 500 was on track for an about 5% drop in April, based on Thursday’s closing level.

“There’s a lot of rerating going on, whether it’s the rerating of equity valuations, the rerating of interest rate expectations, or the rerating of inflation expectations, against tightening happening at the Fed,” Todd Jablonski, Principal Global Asset Allocation chief investment officer, told Yahoo Finance Live. “The threats of a slower economy, the threats of inflation, and the threats of higher energy prices out of the conflict in Ukraine [are] all sort of coming together to really stymie investor confidence and sentiment.”

Stock market data: Yahoo Finance

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