The S&P 500 Index dropped 3.6%, the worst drop since June 2020. The index is down 14% from its 52-week high and has turned red year-over-year (-1.2%). For the first four months this year, the index is down 13.3%, the third-crappiest beginning of a year, after 1932 (-28%) and 1939 (-17%).
The real fireworks took place at the Nasdaq, whose composite index plunged 4.2% and is now down 23.9% from the its intraday high in November, and down 11.7% year-over-year. For the month of April, it dropped 13.5%, the worst month since October 2008, which was the month following the Lehman bankruptcy.
This is the dotcom bust all over again, only much bigger and much worse.WHOOSH, Go Stocks, Make Mess. Amazon Leads. Biggest Stocks Fall Apart. Crappy April. Terrible First 4 Months. ARKK now -70% | Wolf Street