Speed Reads

free fallin'

The S&P 500 is down 13.8 percent in 2022, the worst year-to-date performance since World War II

The stock market plunged on Friday, with the Dow Jones industrial average down 939.18 points, or 2.8 percent, The Washington Post reported.

Tech stocks were particularly hard hit, with the Nasdaq down 4.2 percent. Amazon shares fell by around 14 percent. Netflix, which peaked at over $700 per share last year, continued its free-fall, closing out the week at around $190 a share.

The S&P 500 lost 9.1 percent of its value in April, closing out its worst month since the COVID-19 pandemic began in March 2020 and marking its worst year-to-date performance since World War II.

According to MarketWatch, the Nasdaq had its worst April since 2000, while the Dow and S&P 500 "suffered their worst April performance since 1970."

"The economy is fundamentally soft: The Fed is going to hike next week, the situation in Ukraine is not getting better and high inflation is cutting into costs," Joe La Vorgna, who served as a White House economic adviser under former President Donald Trump, told the Post.