Q1 GDP Decline Rattles Stocks as Trade War Rages On: SMCI, SNAP, TSLA Down

Published: April 30, 2025 by Omor IE

Key Points

The GDP decline has caused stocks across the board to pull back.
The lingering trade war has also caused some pain.
WGS, SMCI, ODD, SIMO, and many others have made big moves.
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Worse-than-expected GDP data is causing the stock market to decline this morning, and most stocks are in negative territory so far. Since we’re in earnings season, the GDP data has amplified the market’s reaction to any sort of underperformance. As a result, some stocks have declined significantly.

Wall Street is grappling with even deeper levels of uncertainty, since another quarter of negative GDP would imply a technical recession. Employment figures have also been worse than expected. In the meantime, there has been no indication of trade talks with China yet.

Here’s a market update as of 11:00 A.M (ET) today.

The S&P 500 is down 73.11 points, or 1.31%.
The Nasdaq Composite is down 314.6 points, or 1.8%.
The Dow Jones Industrial Average is down 426.69 points, or 1.05%.

Big-Cap Stocks Down

Tesla (NASDAQ: TSLA) is the biggest loser today among the big-cap stocks. It is down 5.7% as investors have turned to de-risking their portfolios. Investors previously piled into the stock due to promises of Robotaxis and Optimus Robots despite a dismal Q1 report.
Amazon (NASDAQ: AMZN) is down 3.6%. A CNN report claims that Trump called Jeff Bezos after learning that the company was about to display the added cost of tariffs on its platform. Trump said it was a “good call.”
Meta Platforms (NASDAQ: META) is down 3.46% ahead of its Q1 earnings today. It is involved in an antitrust lawsuit.
NVIDIA (NASDAQ: NVDA) is down 2.5%. The company has taken China-related revenue hits due to H20 export restrictions and Huawei developing its own AI chips.
Alphabet (NASDAQ: GOOG) is down 2%. It is also involved in a lawsuit that could cause it to lose control of the Chrome browser.
Microsoft (NASDAQ: MSFT) is down 1.4%.
Apple (NASDAQ: AAPL) is down 0.8%.

Notable Losers Today

GeneDx Holdings (NASDAQ: WGS) is down 41.3% after earnings missed by $0.29. Revenue did top estimates.
Vicor Corp (NASDAQ: VICR) is down 21% after missing Q1 revenue estimates. Margins also declined.
Bausch + Lomb (NYSE: BLCO) is down 16.8% after missing Q1 sales targets.
Super Micro Computer (NASDAQ: SMCI) is down 16.4% after weak preliminary financials. Preliminary EPS is at $0.29 to $0.31 vs. $0.54 expected. Revenue is at $4.5 billion to $4.6 billion vs. $5.5 billion expected.
Snap (NYSE: SNAP) is down 15.1% as the company noted headwinds and didn’t offer guidance.

Notable Gainers Today

Not many big-name gainers today due to the weaker macro background dampening the outlook.

Oddity Tech (NASDAQ: ODD) is up 18.5% after raising its full-year forecast in its Q1 report.
Silicon Motion Technology (NASDAQ: SIMO) is up 14% after earnings beat estimates by $0.15.
New Gold (NYSEAMERICAN: NGD) is up 12.4% after revenue beat estimates.
Kingsoft Cloud Holdings (NASDAQ: KC) is up 10.6%.
Wingstop (NASDAQ: WING) is up 10.1%.