Home

 › 

Investing

 › 

Big-Cap Tech Stocks Are Cratering Ahead of Earnings

Big-Cap Tech Stocks Are Cratering Ahead of Earnings

Published: by Omor IE

Key Points

  • Tech stocks are falling ahead of important earnings this week.

  • Most other stocks are also falling after Trump’s warning of a “slowing.”

  • Very few big-name winners so far today.

  • Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.(Sponsor)

The stock market opened in the red this morning, and the trend has continued as President Donald Trump warned of a “slowing” if interest rates are not cut. Tech earnings from several big companies are in focus this week. The biggest of which are Tesla (NASDAQ: TSLA) on April 22, IBM (NYSE: IBM), ServiceNow (NYSE: NOW), and Lam Research (NASDAQ: LRCX) on April 23. Alphabet (NASDAQ: GOOG, GOOGL), Intel (NASDAQ: INTC), and Microsoft (NASDAQ: MSFT) are expected to hold earnings calls on April 24.

Investors are repositioning ahead of these earnings calls, but the broader market is where the focus is at the moment. The ongoing trade war and the 18% average tariff rate could cause a 4% GDP contraction, according to Torsten Slok, Partner and Chief Economist at Apollo Global Management.

Here’s a market update as of 10:45 A.M (ET) today.

  • The S&P 500 is down 110.49 points, or 2.09%.
  • The Nasdaq Composite is down 406.7 points, or 2.50%.
  • The Dow Jones Industrial Average is down 779.03 points, or 1.99%.
Invalid Image

Tech Stocks Fall

The broader market is falling today, but tech stocks have been the biggest victims of the increase in volatility.

  • Tesla is the biggest big-cap loser this morning. TSLA stock is down 7% ahead of earnings as investors are pessimistic about its earnings and delivery figures for obvious reasons. European sales of Tesla vehicles have plunged, and the same can be said about its sales in China, Oceania, and elsewhere. Even in the U.S. market, Tesla has been struggling due to Elon Musk’s political moves not aligning with the customer base.
  • NVIDIA (NASDAQ: NVDA) fell 5.5% so far. This is on top of a sharp pullback earlier due to the Trump administration mandating licenses for chip sales to China for its H20 chips. The biggest news right now is that Huawei (a Chinese company) introduced its own Ascend 920 AI chip to fill the void left by NVIDIA’s H20. There are reports of chip production being boosted by Huawei. NVIDIA said it will record a $5.5 billion charge due to H20 restrictions. Analysts see over $10 billion in lost sales.
  • UnitedHealth (NYSE: UNH) is down 4.5%. It’s not a tech stock, but it still declined due to earnings and revenue figures missing estimates in Q1.
  • Broadcom (NASDAQ: AVGO) is down almost 4%.
  • Amazon (NASDAQ: AMZN) is down 3.6% after a downgrade by Raymond James.

Notable Gainers Today

No large companies have gained by double digits today. There are some smaller companies that are up big.

  • Verve Therapeutics (NASDAQ: VERV) is up 15.9%.
  • Terns Pharmaceuticals (NASDAQ: TERN) is up 15%.
  • uniQure (NASDAQ: QURE) is up 12.6%.
  • Intellia Therapeutics (NASDAQ: NTLA) is up 12.5%.
  • Dyne Therapeutics (NASDAQ: DYN) is up 12.5%.

Notable Losers Today

  • USA Rare Earth (NASDAQ: USAR) is down 18.8% ahead of Q1 2025 earnings. This company had a stellar rebound due to China’s rare earth export restrictions, and the rally seems to be cooling.
  • Sezzle (NASDAQ: SEZL) is down 13.7%.
  • New Fortress Energy (NASDAQ: NFE) is down 11.5%.
  • TechTarget (NASDAQ: TTGT) is down 11%. It got a Nasdaq non-compliance warning over its delayed annual report filing.
  • AST SpaceMobile (NASDAQ: ASTS) is down 10.56%. Bearish options activity is being blamed for this.
To top