Wall Street Slips as Big Tech Drags
In the afternoon trading session, U.S. stocks experienced a decline, led by losses in major technology companies, as Wall Street prepared for a busy week filled with earnings announcements and crucial economic indicators. The S&P 500 registered a drop of 0.4%, while the Nasdaq decreased by 0.7%, impacted by weaker performances from Tesla, Nvidia, Amazon, Microsoft, and Meta Platforms. Investor sentiment grew cautious amid renewed trade tensions, following comments from Treasury Secretary Scott Bessent, who indicated that the responsibility to ease tensions lay with China, though he noted progress on other trade issues. The consumer discretionary and technology sectors were the most affected, while utilities and real estate stocks performed better. Despite first-quarter earnings generally surpassing expectations, companies have highlighted increasing uncertainties due to President Trump's extensive tariffs. Nvidia's stocks fell 3.3% after news emerged that Huawei plans to test its own AI chips, intensifying worries about Chinese competition.
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