Good evening.
Markets tumble, Amazon erases $200 billion in value, and the Nasdaq suffers its worst month since 2008.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks tumbled on Friday, ending the month of April with steep losses.
The Nasdaq dropped 4.2%, bringing its losses for the month to more than 13%, its worst performance since 2008.
Amazon shares fell 14% — their biggest one-day drop since 2006 — after the company reported disappointing earnings.
Investors are hoping the month of May will bring some relief to markets after a tough start to the year.
The crypto market fell on Friday, with Bitcoin trading near $38,600, as cryptocurrencies moved lower with other risk assets.
Catch Up
Elon Musk has sold roughly $8.5 billion worth of Tesla stock in the three days after agreeing to buy Twitter.
$200 billion. That’s how much Amazon erased in market value today, the second largest one-day loss in history.
The FAANG stocks plus Microsoft have lost a combined $2.2 trillion in market value during 2022.