US stocks fall after latest tech earnings with Nasdaq on track for its worst month since the start of the pandemic

• US stocks fell Friday, with each of the three major indexes on pace for losing months.
• The tech-heavy Nasdaq is set for its worst month since March 2020.

US stocks dropped Friday, with each of the major indexes on track for a losing month in April. The tech-heavy Nasdaq headed for its worst monthly performance since March 2020.

Investors have had to face a slate of obstacles this month, including a hawkish Federal Reserve, rising rates, ongoing historic inflation, and geopolitical turmoil.

In early trading, Amazon tumbled 8.5% after posting its first loss in seven years. The e-commerce giant's bottom line was hit hard by a $7.6 billion drop in the value of its stake in Rivian.

Here's where US indexes stood as the market opened 9:30 a.m. on Friday:

• S&P 500: 4,246.96, down 0.95%

• Dow Jones Industrial Average: 33,811.67, down 0.31% (104.72 points)

• Nasdaq Composite: 12,711.71, down 1.24%

Alibaba and other Chinese tech stocks soared as officials in Beijing signaled that the government would pause a wide-ranging crackdown on the tech sector and shore up the nation's economy as it faces the slowest growth in three decades.

The Federal Trade Commission has opened up an inquiry into Elon Musk's early stake in Twitter, The Information reported Thursday. The regulator aims to determine if Musk violated antitrust reporting requirements when he amassed a 9% stake earlier this year.

Meanwhile, Fidelity announced a massive hiring spree, targeting more than 12,000 new staffers as the investment giant bets on the power of retail investors.

Overseas, the Japanese yen — long considered a safe-haven currency — crashed to a 20-year low.

Oil climbed higher, with West Texas Intermediate up 1.30% to $106.76 a barrel. Brent crude, the international benchmark, rose 2.16% to $109.75 a barrel.

Gold rose 1.18% to 1,913.40 per ounce. The 10-year yield climbed 4.3 basis points to 2.906%.

Bitcoin was down about 1% to $39,000.