U.S. Stocks continue to significantly decline as the month comes to an end. The S&P 500 faced its biggest drop at 8.8% this month since the March of 2020. An even bigger drop was seen with Nasdaq plummeting about 13% in April, facing it's worst month since October 2008. Dow Jones decreased 4.9%. Amazon (AMZN) had led this devaluation by 14.4% on Friday alone, marking it's highest single day drop since 2006. On this day, the S&P 500 decreased 3.6%, Dow losing 2.8%, and Nasdaq 4.2%.
Apple (AAPL) had shed 3.66% on Friday even after announcing that they had beat estimates in revenue for this fiscal quarter, in spite of supply chain issues. The world's most valuable company also annouced that they hit a record breaking $19.8 Billion dollars in revenue from their subscriptions and services alone. This includes services such as Apple Music, Apple News, the App Store, Apple TV+, and more. According to a press release by Apple, the overall revenue for the March quarter topped about $97.3 Billion, or up 9% over the last year.
Tesla (TSLA) is another tech giant that blew past it's quarterly expectations. The company had opened new factories across the U.S. and Germany recently. During Q1 2022, the car maker had produced more cars (305,407 to be exact) then expected and a huge increase over the same quarter a year ago. The share price of the brand had also risen a whopping 246.2% when compared to the first quarter of 2021. Tesla's stock price had underperformed on Thursday, April 28th, while the rest of the market had increased. Then on Friday morning, the stock overperformed the rest of the market as Musk had announced that he'd sold some of his Tesla shares.
