Stock Market Today: Dow, S&P 500 Down; Tesla, Amazon, PayPal, Eli Lilly, Super Micro, AMD, Nvidia, Starbucks, and ... - Barron's

The Magnificent Seven group of megacap technology stocks were mostly trading lower on Tuesday afternoon ahead of Amazon.com’s earrings report, which is due out after the market closes today.

The much-discussed group is made up of Apple, Amazon.com, Alphabet, Microsoft, Meta Platforms, Nvidia, and Tesla. Tesla stock was down 4.5% on Tuesday; Microsoft stock was down 1.7%; Alphabet stock was down 1.1%; Nvidia stock was down 0.9%; Amazon stock was down 0.8%; Apple stock was down 0.2%; Meta stock was hovering around breakeven.

The Dow Jones Industrial Average was down 333 points, or 0.9%. The S&P 500 was down 0.8%. The Nasdaq Composite was down 1%.

Last week, earnings reports from Tesla, Alphabet and Microsoft helped boost the broader market. On the flip side, Meta stock struggled following its own report. Aside from Amazon, Apple is due to report results later this week. Nvidia will report results later in May.

“I can tell you with a lot of confidence that if Google [parent Alphabet] and Microsoft did not post strong earnings last week, we would be below 5000 in the S&P 500 because, really, nothing else was that positive,” Sevens Report Research’s Tom Essaye told Barron’s. “Earnings in those tech companies are really important. And if you see Amazon whiff and you see Apple whiff, that’s just going to add to the negativity.”

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