U.S. stock markets exhibited a downward trend at the start of the week, related to expectations of earnings from major companies and concerns about tariffs.
Overall Decline in the Stock Market
U.S. stock markets began the week with declines. On April 28, the Dow Jones dropped by 205.96 points (0.51%) to 39,907.54. The S&P 500 fell 49.57 points (0.90%) to 5,474.25. The tech-focused Nasdaq decreased by 227.24 points (1.31%), reaching 17,155.70.
Tech Companies Under Pressure
Tech sector companies have also faced significant impacts. Nvidia was among the biggest losers, falling 4.18% to $106.45 per share, resulting in a $100 million loss in market cap. This decline coincided with Huawei launching its Ascend 910D chip, a direct competitor to Nvidia’s H100.
Economic and Tariff Uncertainty
The overall sentiment in the markets is characterized by uncertainty about tariffs and the effects of the trade war, especially with China. Treasury Secretary Scott Bessent stated that it is 'up to China' to de-escalate the trade war, indicating that the White House is not ready to make concessions. This creates concerns among investors regarding potential economic damage from tariffs.
The state of the stock markets remains tense, with investors awaiting earnings reports from major tech companies and monitoring developments regarding tariffs and trade relations.
