In a dramatic turn of events, global stock markets experienced a significant sell-off today, with notable declines in tech shares and a sharp drop in Japanese equities, the latter seeing its largest single-day loss in over a decade. The turmoil was reflected in the futures market, where the Nasdaq 100 Index futures plummeted by more than 4%.

Tech Sector Woes

The tech sector bore the brunt of the sell-off, with major players taking substantial hits:

• Nvidia: The semiconductor giant saw its shares fall approximately 12.5% in premarket trading. This decline comes as the enthusiasm around artificial intelligence wanes, impacting previously high-flying semiconductor stocks. Other chipmakers were not spared, with Broadcom sliding about 9% and both Super Micro Computer and Arm Holdings dropping over 12%.
• Apple: The tech titan’s stock sank more than 6%, following news that Warren Buffett’s Berkshire Hathaway sold nearly half of its stake in the company. This move added to the downward pressure amid the broader market sell-off.
• Meta & Amazon: Facebook’s parent company Meta and e-commerce giant Amazon both slipped more than 6%.
• Tesla: The electric vehicle maker lost about 8.3%, adding to the tech sector’s woes.
• Microsoft: The software giant was not immune, with shares declining by 4.3%.

Specific Stock Movements

• Lucid Motors: The electric vehicle company’s stock declined about 8%, ahead of its second-quarter earnings report, due after the market close. Analysts are expecting a loss of 27 cents per share on revenue of $190.3 million, according to FactSet.
• Kellanova: In stark contrast to the broader market, Kellanova’s stock soared 21%. Reports from Reuters and The Wall Street Journal indicated that the snack food company is in talks with Mars, the candymaker, for a potential acquisition that could value Kellanova at around $30 billion.

Crypto Sector and Related Stocks

Cryptocurrency-related stocks were among the hardest hit as Bitcoin fell below $50,000 for the first time this year:

• Coinbase: The cryptocurrency exchange’s shares dropped 13%.
• MicroStrategy: The software and Bitcoin investment company tumbled 17%.
• Marathon Digital: This cryptocurrency miner lost 13%, with other miners also seeing double-digit declines.
• Robinhood: The trading platform, which offers crypto trading, fell 9%.

Palantir

The software company Palantir saw its shares plunge nearly 12.2% ahead of its earnings report. Analysts are expecting second-quarter revenue to be around $653.2 million, slightly above the company’s guidance. The consensus earnings per share estimate stands at 8 cents.

Today’s market action underscores the heightened volatility and uncertainty gripping global financial markets. With tech stocks and cryptocurrency-related equities leading the decline, investors are bracing for continued turbulence as earnings season progresses and macroeconomic concerns loom large.