U.S. stocks trended downwards today, as traders hope that tech earnings to boost the markets, despite ongoing tariff fears.
Stock markets faced pressure on several fronts ahead of a key week for earnings. On Monday, April 28, the Dow Jones was trading at 39,907.54, down 205.96 points or 0.51% from the market open. The S&P 500 fell 49.57 points, or 0.90%, to 5,474.25, while the tech-focused Nasdaq was down 227.24 points, or 1.31%, trading at 17,155.70.
Nvidia was among the biggest losers today, falling 4.18% to $106.45 per share, losing $100 million in market cap. The drop coincided with Huawei launching its advanced Ascend 910D chip, a direct competitor to Nvidia’s H100. The Chinese tech giant hopes to fill the gap in the Chinese market after White House’s ban on AI chip exports.
Uncertainty also affected both the dollar and Bitcoin. The dollar index was down 0.44% from the previous close, at 99.03. At the same time, Bitcoin (BTC) also experienced a slight correction after last week’s rally, falling 0.37% to $93,741. At the same time, gold rallied 0.10% to $3,336 per ounce.
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Tech earnings spark fears amid macro uncertainty
The general sentiment in the markets is one of uncertainty and anticipation over the effects of Donald Trump’s tariffs and upcoming tech earnings. Apple, Amazon, Meta, and Microsoft, some of the largest tech firms in the world, are set to report their earnings this week.
Still, investors are concerned that current earnings expectations may be too high, given the ongoing macroeconomic headwinds. In particular, tariffs, especially those on China, are beginning to cause real economic damage.
At the same time, markets are seeing mixed signals when it comes to lifting the historic 145% tariffs on China. On April 28, the Treasury Secretary Scott Bessent said that it was “up to China” to de-escalate the trade war, suggesting that the White House is not yet ready to start making concessions.
Read more: Exclusive: Scaramucci warns tariffs could trigger recession, boost Bitcoin and Europe
