U.S. equity markets saw a notable pullback today, giving back a chunk of yesterday’s historic gains. Major indices ended the session deep in the red:

• S&P 500 (ES): -1.8%
• Nasdaq (NQ): -2.1%
• Russell 2000 (RTY): -2.6%

The tech-heavy Nasdaq led the losses, weighed down by sharp declines in the market’s biggest names.

Mega-Cap Tech: Across-the-Board Losses

The so-called “Magnificent 7” were all in the red:

• Apple ($AAPL): -3%
• Amazon ($AMZN): -2.5%
• Nvidia ($NVDA): -3%
• Alphabet ($GOOGL): -1.5%
• Microsoft ($MSFT): -1.5%
• Tesla ($TSLA): -3.5%
• Meta ($META): -2%

Stock-Specific Highlights

• Nvidia ($NVDA): Under pressure despite news that the Trump administration has paused plans to tighten restrictions on Nvidia’s H20 chip—crucial for AI development in China.
• Tesla ($TSLA): Slid further on news it’s expanding operations into Saudi Arabia, a move met with some investor skepticism.
• Taiwan Semiconductor ($TSM): Down 1.5% even as Q1 revenue surged 42% year-over-year, fueled by AI server and smartphone demand. Investors may be cautious ahead of looming U.S. tariffs.
• Dell Technologies ($DELL): Fell 2.5% after reports it has scaled back or eliminated discounts on many U.S. computer models.
• Constellation Brands ($STZ): Also down 2.5% after cutting its profit outlook for FY26.
• Walmart ($WMT): Declined 1% despite reaffirming its target of $200 billion in international gross merchandise volume (GMV) by 2028, alongside strong full-year growth in sales and operating income.
• U.S. Steel ($X): Plunged 10% after former President Trump publicly opposed the company’s planned acquisition by a Japanese firm.

After a euphoric session yesterday, today’s broad-based selloff suggests traders are quick to take profits, especially in tech. Watch for potential volatility ahead as investors digest geopolitical developments and corporate guidance.