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The old adage is that stocks don’t bottom on Fridays. Of course, it’s also the final trading day of the month so that could have led to some special selling flows that could reverse on Monday as we begin May.
On the day:
Amazon was down 14% in its worst day since 2006.
On the week:
On the month:
On the year, the Nasdaq is now down 21.2%. With that as a monthly close, it’s a bear market in tech stocks.
Drawdowns in big-cap tech: