Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.
Amazon.com Inc. tumbled 14.05 percent in its steepest one-day drop since 2006, leaving the widely held stock near two-year lows. Late on Thursday, the e-commerce giant delivered a disappointing quarter and outlook, swamped by higher costs.
Apple Inc, the world’s most valuable company, dropped 3.66 percent after its disappointing outlook overshadowed record quarterly profit and sales.
All 11 S&P 500 sector indexes fell, led lower by a 5.9 percent slide in Consumer Discretionary and a 4.9 percent drop in Real Estate.
…