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• 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.
Twitter (NYSE: TWTR) fell nearly 3.2% a day after the social media platform accepted the $44 billion takeover bid from Tesla Inc (NASDAQ: TSLA) chief Elon Musk.
Moreover, the electric carmaker was the biggest laggard on the Nasdaq Composite, which dropped nearly 10.5%.
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.
United Parcel Service Inc (NYSE: UPS) slipped around 4% despite reporting a rise in quarterly adjusted profit, while US hospital operator Universal Health Services Inc (NYSE: UHS) slumped over 11% after its earnings missed estimates.
General Electric Co (NYSE: GE) fell over 12.5% after the conglomerate forecasted to hit the lower end of the previously estimated full-year earnings.
Dow Jones Industrial Average, which consists of blue-chip companies, lost over 500 points on Tuesday.
Picture Credit : Financial Express
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