Amazon shares collapsed on Friday, with a loss in market value that ranks as one of the worst in Wall Street history after it offered an outlook that was considered to be disappointing.
The stock sank 14 per cent in its biggest one-day drop since July 2006, with shares closing at their lowest level since June 2020.
The sell-off erased $206.2 billion from the company’s market valuation, an amount exceeded only by Meta Platforms, which dropped $251.3bn in market value after a disastrous report of its own in February.
The slump was the latest hit to the biggest names in the US stock market, which came under heavy pressure in April amid a tumultuous earnings season and concerns over Federal Reserve policy.
The Nasdaq 100 Index fell 4.5 per cent on Friday, bringing its April decline to 13 per cent, its biggest one-month drop since October 2008.
“Things are so weak you want to hide under your desk,” said Michael Matousek, head trader at US Global Investors.
“People are coming to the realisation that the easy money is over. There are concerns about rates going higher, about Covid, the war and now you’re seeing weakness in the tech titans that led everything up for so long.”
Amazon fell 24 per cent for the month, its biggest one-month percentage drop since November 2008.
Alphabet, which has reported weak first-quarter revenue, dropped 18 per cent in April, also its worst since November 2008.
Among other names, Apple fell 9.7 per cent for April, its biggest one-month drop since September 2020. Shares fell 3.7 per cent on Friday after it reported its results and issued a warning about the effect that supply constraints would have on revenue.
The tech losses were so widespread in April that not even companies that reported good results were spared.
Microsoft fell 10 per cent in April, its worst one-month decline since January 2015, even after it reported results that were considered to be strong.
Meta Platforms fell 9.8 per cent in April, even with a sharp increase after results on Thursday.
“Rising cost pressures and uncertain outlooks from the largest technology names have investors agitated going into the weekend," said Charlie Ripley, senior investment strategist for Allianz Investment Management.
“Investors are not likely to be comfortable any time soon, with the Fed widely expected to deliver a 50 basis point hike along with a hawkish message next week.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
More from Aya Iskandarani
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Super heroes
Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue
Hulk
Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues
Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking
Black Widow
Childhood traumas increase risk of mental illnesses
Thor
He's a god
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
UAE currency: the story behind the money in your pockets
