Nasdaq closes month near 14-year low as recession fears grow stronger

The tech-heavy Nasdaq fell 4.2% on Friday, dragged down by Amazon (AMZN), which dropped nearly 15% after it missed earnings expectations.

The S&P 500 shed about 3.6% on Friday, while the Dow dropped about 940 points, or 2.8%.

The most closely watched inflation reading released Friday — the core personal consumption expenditures price index — rose 5.2% from a year ago, spelling more trouble for the economy.

The Nasdaq fell around 12% this month, the S&P 500 lost more than 7% and the Dow was off by nearly 4%.

An ever-growing number of headwinds are leaving investors unsure of what comes next. This earnings season has been lukewarm, and US gross domestic product dropped by 1.4%, falling well below analysts’ estimates of a 1% gain. The Federal Reserve has shifted to a hawkish stance, indicating it will increase the pace at which it raises interest rates next week.

Globally, the Russia-Ukraine conflict exacerbated commodity price inflation and left…

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