U.S. stocks fell on Friday with selling accelerating in the final hour of trading as big tech weighed on the broader market following earnings from Apple and Amazon.
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|I:COMP||NASDAQ COMPOSITE INDEX||11740.650441||+305.91||+2.68%|
The Nasdaq Composite dropped 4% and paced the declines as the volatile and losing month ended for equities. The S&P 500 fell 3.6%, while the Dow Jones Industrial Average lost 2.7% or over 900 points.
Amazon shares fell sharply after its first quarterly loss since 2015. The online retailer and Intel both issued forecasts that missed the mark. The stock posted its worst day since 2006.
Apple shares also weaker even though it posted one its best quarters in its 46-year history.
Apple’s revenue for the January-through March period rose 9% to $97.3 billion, far exceeding analyst expectations of $94 billion. Earnings per share rose to $1.52 from $1.40 a year earlier—beating estimates for $1.42 a share and setting a record for Apple’s fiscal second quarter. However, the company cautioned that the resurgence of COVID-19 in China threatens to hinder sales in the current quarter.
Tesla shares rose after CEO Elon Musk informed investors that a recent $4.4 billion stock sale would be the final he indicated in a tweet.
Chevron and Exxon Mobil posted strong quarters Friday.
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Exxon Mobil reported $5.48 billion in net income during the first quarter as oil and gas prices rose steadily, doubling its profits compared to the same quarter last year.
But the oil giant took a huge hit as abandoned its Russian operations due to the war, writing down $3.4 billion, the company said Friday.
In commodities, U.S. West Texas Intermediate crude gained over 4% for the month closing at $104.69, while Brent, the global benchmark, rose to $109 during April.
Bitcoin followed stocks lower to below the $40,000 level.
In Asia, Hong Kong's Hang Seng index surged 4% and China's Shanghai Composite index gained 2.4%.
FOX Business' Ken Martin and The Associated Press contributed to this report.