Dow Jones closed at 34,935.47, down 149.06 percent, or 0.42 percent.
The major contributor to the decline in the US market yesterday i.e. on Friday was the huge fall in the shares of Amazon.com.
The company has released the figure of decline in its sales growth, whose effect was visible on the US markets yesterday.
Despite this decline, on a monthly basis, the S&P 500 has seen an increase for the 6th consecutive month.
Shares of Amazon.com fell 7.6 percent in yesterday’s trade. This is the biggest drop on a daily percentage basis since May 2020.
Let us know that the company has released the sales figures for the second quarter on Thursday, which is less than the analyst’s estimate.
The company has also said that the company will see an increase in sales in the next few quarters.
Apart from Amazon, shares of other Internet and tech-based companies such as Google’s parent Alphabet Inc and Facebook Inc have also seen weakness.
Meanwhile, data on Friday showed that US consumer spending grew more than expected in June.
However, the inflation figure has also increased and has gone above the Federal Reserve’s target of 2 percent.
Looking at the data for the whole month, in the month of July, the S&P 500 has gained 2.3 percent, the Dow has gained 1.3 percent and the Nasdaq has gained 1.2 percent.
On the other hand, if we look at the week ended yesterday, then this week there has been a decline in all these three indices.
Stock market has also got support this month due to good results of companies and improvement in US economy.
But due to the rapid spread of the delta variant of Corona and rising inflation, once again the concern seems to be increasing.