JUST IN: Dow ends the month down nearly 9%, its worst monthly drop since March 2020, when pandemic lockdowns started in the US.
The Dow, a widely watched barometer of America’s stock market that includes corporate giants such as Apple\n \n , Coca-Cola\n \n , Disney\n \n , Microsoft\n \n and Walmart\n \n , was down about 500 points, or 1.7%. All 30 Dow stocks ended the day lower. Worries about rising inventory levels at Dow component Nike\n \n pushed the blue chips lower Friday. Shares of Nike\n \n plunged 13% as investors worried about how it will need to heavily discount sneakers and other athletic apparel.
That puts the index on track for its worst annual drop since 2008. The tech-heavy Nasdaq Composite also dropped 1.5% Friday and it has plunged almost 10% this month. It is down more than 30% this year. Some market experts are hopeful that the worst could soon be over for stocks, given how sharp the sell-off has been. But investors remain nervous about the economy and earnings. Inflation has led the Federal Reserve to drastically raise interest rates.