Down Tech

• The Nasdaq Composite fell 0.48% to 16,240.35 on Monday, April 26, driven by weakness in mega-cap technology stocks including Apple (down 1.2%) and Microsoft (down 0.9%), as investors reassess growth expectations ahead of the Federal Reserve's May meeting. • Treasury yields climbed to 4.35% for the 10-year note amid inflation concerns, pressuring valuations of rate-sensitive tech companies and spurring profit-taking after recent market gains. • The decline reflects growing caution among portfolio managers about earnings sustainability in the second quarter, with earnings guidance from major tech firms expected to dominate trading through early May.

• The S&P 500 fell 1.8% Thursday, driven by disappointing earnings from major technology companies that missed analyst expectations on revenue growth and profitability. • Mega-cap tech stocks including those from leading AI companies dropped 2.3% collectively, erasing early-week gains as forward guidance pointed to slowing demand for enterprise AI solutions. • The sell-off extended to semiconductor and cloud infrastructure stocks, with the Nasdaq Composite declining 2.1%, signaling growing investor concerns about the sustainability of recent valuations.