Microsoft Corp (NASDAQ: MSFT) fell nearly 3.5% and 3%, respectively, ahead of the earnings, which are scheduled to be published after the closing bell on Tuesday.
• Investors are worried about Fed and impact of higher interest rates
• Concerns around possible lockdowns in China and Russia-Ukraine crisis have overshadowed earnings season
The tech-heavy Nasdaq slumped over 3.2% on Tuesday as Wall Street is anxiously waiting for the Big Tech earnings this week, along with worries over slowing global growth and a more aggressive Federal Reserve.
Alphabet Inc (NASDAQ: GOOGL) and Microsoft Corp (NASDAQ: MSFT) fell nearly 3.5% and 3%, respectively, ahead of the earnings, which are scheduled to be published after the closing bell on Tuesday.
Meta Platforms Inc (NASDAQ: FB) dropped over 3.5%, and Amazon.com Inc (NASDAQ: AMZN) plummeted over 4.5%. Both the companies will report their first-quarter earnings in the next two days.
Moreover, the electric carmaker was the biggest laggard on the Nasdaq Composite, which dropped nearly 10.5%.
Slowing global growth worrying investors
Market-leading growth stocks have been beaten up this year as investors are worried about the Fed and the impact of higher interest rates on their earnings.
Concerns around the looming global economy due to a surge in COVID-19 cases in China and possible lockdowns in Beijing and the Russia-Ukraine crisis have also overshadowed a better-than-expected earnings season so far.
The S&P500 dropped over 2% on Tuesday, as at least a third of the companies in the flagship index are set to report results this week.