The U.S. stock market fell seriously on Friday. The three major stock indexes lost between 2.7% and 4.2%, ending the week and the entire month in decline. The Dow Jones Industrial Average fell 938 points, or 2.8%. The ongoing selloff in technology-related stocks sent the S&P 500 Index down 3.6%, while the Nasdaq Composite Index lost 4.2%. April was the worst month for the Dow (-4.9%) and S&P 500 (-8.8%) since March 2020, while the Nasdaq’s 13.3% monthly decline was the biggest since October 2008.

Investors took a negative view of quarterly results from Amazon.com Inc. which reported its first loss in seven years. Apple also lost nearly 4% after releasing its quarterly report. The Federal Reserve is expected to pull the trigger next week and raise interest rates by half a percent for the first time since 2000 to tighten financial conditions to fight inflation, which has reached a 40-year high. The central bank may also begin shrinking its $9 trillion balance sheet.