TheStreet.com
Stock Market Today – 4/29: Dow Tumbles 900 Points; Big Tech Earnings Whiff; Apple, Amazon Lead Markets Lower
The Dow Jones Industrial Average finished down 939 points, or 2.77%, to 32,977, while the S&P 500, which is down 7.2% for the month, fell 3.63% and the tech-heavy Nasdaq lost 4.17% as Amazon’s posted a surprise first quarter loss, with surging expenses and the weakest revenue growth in a decade. Apple’s March quarter earnings beat, which saw iPhone sales rise even amid Covid-triggered shutdowns in China and ongoing disruptions in global supply chains and semiconductor supplies, was clouded by a muted near-term outlook. The reads added to an overall mood of unease in global stocks, which have suffered through their largest monthly retreat in two years, as data from the Commerce Department yesterday indicated a sharp slowdown in the U.S. economy even as interest rate traders continue to price-in 150 basis points worth of rate hikes from the Federal Reserve over the next two policy meetings, starting with next week’s in Washington.
