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Wall Street Faces Declines as Tech Earnings and Economic Data Loom

Markets react to tariff uncertainty, Huawei's AI chip plans, and upcoming reports from major S&P 500 firms representing 40% of the index's market value.

A woman walks down Wall Street in New York City, U.S., April 8, 2025. REUTERS/Kylie Cooper
Traders work on the floor of the New York Stock Exchange (NYSE) in the Financial District in New York City on February 28, 2025. (Photo by CHARLY TRIBALLEAU / AFP) (Photo by CHARLY TRIBALLEAU/AFP via Getty Images)
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A man exits the New York Stock Exchange (NYSE) onto Wall Street in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid

Overview

  • U.S. stocks opened lower Monday, with the Nasdaq down over 1% as investors prepared for earnings from Amazon, Apple, Meta, and Microsoft this week.
  • Nvidia and Tesla shares dropped 3.6% and 3.2%, respectively, following reports of Huawei testing a new AI chip that could compete with U.S. tech offerings.
  • Treasury Secretary Scott Bessent emphasized ongoing U.S.-China trade talks but stated Beijing must take the first step in easing tariff tensions.
  • Key economic data, including first-quarter GDP, the PCE inflation index, and the April jobs report, are expected to provide insights into the impact of tariffs and inflation.
  • Major airlines, such as American Airlines and Southwest, recently pulled earnings guidance, citing economic uncertainty and consumer sensitivity to tariffs.