Wall Street starts May on a weak note

• Consumer Discretionary Index drops more than 3% on Friday.
• Amazon shares fall sharply to weigh on technology shares. 
• CBOE Volatility Index rises more than 10% on risk aversion.

Major equity indexes in the US opened in the negative territory on the first trading day of May amid souring market sentiment. Mirroring the flight-to-safety, the CBOE Volatility Index, Wall Street's fear gauge is up nearly 12% on the day at 38.2 points.

As of writing, the S&P 500 was down 2% on the day while the Dow Jones Industrial Average and the Nasdaq Composite were losing 1.8% and 2.2%, respectively.

Pressured by sharp drops witnessed in Amazon and Apple shares following the disappointing first-quarter earnings results, the Technology Index is down 1.7% on Friday. Meanwhile, the Consumer Discretionary Index is losing 3.6% as the worst-performing major sector.