Stocks slid on Tuesday Mens Best Dog Dad Ever Funny Dog Owner T-Shirt B0B211Y6HH .Adding to a losing streak that has April shaping up to be Wall Street’s worst month in two years. The S&P 500 fell 2.8 percent, bringing its losses for the month to 7.8 percent. The index is on track for its worst monthly decline since March 2020, when stocks plunged 12.5 percent as the coronavirus spread around the world, prompting lockdowns and halting economic activity. The steady drop — with only six days of gains in April — has come as investors have confronted a long list of fears: that the Federal Reserve could raise interest rates far more quickly than economists had anticipated; that rising prices and wages could erode corporate profits; and that renewed lockdowns in China could become another drag on the global economy. Earlier this month, the International Monetary Fund projected global growth would slow this year to 3.6 percent, from 6.1 percent in 2021. That was before a new Covid outbreak in Beijing raised concerns about more restrictions in China, the world’s second-largest economy, where cities like Shanghai have already been under lockdown for weeks.
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“China slows down the rest of the world if it shuts down,” said Victoria Greene, the chief investment officer at G Squared Private Wealth, an advisory firm Mens Best Dog Dad Ever Funny Dog Owner T-Shirt B0B211Y6HH . “If China shuts down, that could shut down commerce, and that slows down overall global demand.” On Tuesday, technology stocks led the retreat on Wall Street, ahead of earnings reports from Alphabet, Microsoft and — later in the week — Meta, Amazon and Apple. Shares of all five companies were lower. The Nasdaq composite, which is heavily weighted toward tech, fell about 4 percent. Also lower were shares of Tesla, which fell more than 12 percent. The company’s chief executive, Elon Musk, may have to sell a big chunk of his stock in the carmaker to fund his takeover of Twitter. He has pledged $21 billion in cash as part of the deal, in addition to loans. Tesla’s shares are often more volatile than those of other large companies, and they can weigh on the broader S&P 500 when they fall because of the company’s huge valuation.
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