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Goldman Sachs Triggers Stock Market Rout: NVDA, TSLA, PLTR Plunge

Goldman Sachs Triggers Stock Market Rout: NVDA, TSLA, PLTR Plunge

Published: by Omor IE

Key Points

  • Big-cap stocks are dragging the market down as tariff fears take hold.

  • Fears were exacerbated by a bearish Goldman Sachs report.

  • Airline stocks have also plunged as Wall Street fears slowing travel demand.

President Donald Trump’s “Liberation Day” tariffs are closing in and are supposed to take effect on Wednesday. All eyes are on the tariffs and the impact they will have on the economy. Goldman Sachs recently posted a report where they hiked recession risks from 20% to 35%, cut the S&P 500’s target to 5,300 points, and its EPS growth to 3% all at once. Wall Street panicked, and the stock market entered a steep selloff when the markets opened.

This selloff is being driven mostly by the big-cap stocks. The broader market looks more mixed. Investors seem to be taking profits on their earlier gains on the Mag 7 and de-risking their portfolios by moving into defensive stocks or treasuries.

Here’s a market update as of 10:30 A.M (ET) today.

  • The S&P 500 is down 63.78 points, or 1.14%.
  • The Nasdaq Composite is down 338.9 points, or 2.24%.
  • Dow Jones Industrial Average is down 191.44 points, or 0.46%.
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Airline Stocks Plunge

Airline stocks have seen significant declines today as the CEO of Virgin Atlantic Airways said that U.S. demand for U.K. travel tickets is waning. Companies in the travel sector haven’t seen big decreases in demand yet, but reports of air ticket sales slowing down could imply that cracks are beginning to form. International travel to the U.S. could also slow down significantly as the administration slaps reciprocal tariffs. Inbound travel to the U.S. is projected to decline by 5.5% this year.

  • United Airlines Holdings (NASDAQ: UAL) is down 6.8%.
  • JetBlue Airways Corp (NASDAQ: JBLU) is down 6.1%.
  • American Airlines Group (NASDAQ: AAL) is down 4.7%.
  • Delta Air Lines (NYSE: DAL) is down 4.4%.
  • Boeing (NYSE: BA) and Airbus (OTCMKTS: EADSY) are both down by 2%.

Notable Gainers Today

  • Corcept Therapeutics (NASDAQ: CORT) is up 86.4% due to the company’s ovarian cancer drug meeting its main goal in a late-stage study.
  • GeneDx Holdings (NASDAQ: WGSWW) is up 37.7% as it recovers from an earlier decline.
  • MicroAlgo (NASDAQ: MLGO) is up 31% due to WiMi Hologram C loud raising its stake in the company to 67.65%.
  • Mr. Cooper Group (NASDAQ: COOP is up 16.6% as it is being bought by Rocket Companies for $9.4 billion.
  • HomeStreet (NASDAQ: HMST) is up 12.7% as it is being acquired by Mechanics Bank.

Notable Losers Today

  • Vaxcyte (NASDAQ: PCVX) is down 55% as a key FDA official called Peter Marks resigned amid a clash with RFK Jr.
  • Marblegate Acquisition (NASDAQ: GATE) is down 35%.
  • Blaize Holdings (NASDAQ: BZAI) is down 20.6% as investors price in a disappointing earnings report.
  • Innovative Industrial Properties (NYSE: IIPR) is down 13.2% as it reports defaults by tenants.
  • uniQure (NASDAQ: QURE) is down 18.5% due to FDA-related risks.

The image featured at the top of this post is ©sbayram / Getty Images.

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