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U.S. stocks plummeted Friday with the Nasdaq Composite suffering its worst month since 2008, as Amazon became the latest victim in April’s technology-led sell-off.

The tech-heavy Nasdaq Composite slipped roughly 4.2% to 12,334.64, hauled by Amazon’s post-earnings plummet. The S&P 500 retreated by 3.6% to 4,131.93. The Dow Jones Industrial Average shed 939.18 points, or close to 2.8%, to 32,977.21. The Nasdaq finished at a new low for 2022.

Stocks closed out a brutal month as investors were frightened by the Federal Reserve’s monetary tightening, hiking rates, inflation, the ongoing war in Ukraine, and Covid cases surge in China

“The markets are trying to wrap around a lot of different cross-currents,” BMO Wealth Management’s Yung-Yu Ma said. “With the Fed raising rates and all the uncertainties that the global economy is facing, it’s hard to get excited about paying the multiples that currently prevail in a lot of places in the market.” 

The Nasdaq plummeted about 13.3% in April, its worst monthly performance since October 2008 amid the financial crisis. The S&P 500 shed 8.8%, its worst month since March 2020. The Dow was down 4.9% on the month.

Amazon on Friday declined about 14%, its biggest drop since 2006. 

“The current market performance is threatening to make a transition from a longish and painful ‘correction’ to something more troubling,” Marketfield Asset Management Chairman Michael Shaoul wrote.

“March 2020 for instance saw very sharp declines, but equally fast recoveries. The current episode looks much more likely to impose long-lasting losses in investors that piled in during the 2021 rally, and is best thought of a ‘creeping bear market,’ that is steadily widening its net over prior market leadership,” Shaoul added.

The Nasdaq Composite sits in the bear market territory, 23.9% below its intraday high. The S&P 500 is off its record by 14.3%, and the Dow is 10.8% lower.