Shares of technology companies slid ahead of key earnings from two members of the Magnificent Seven.
Shares of one of those companies, Google-owner Alphabet, fell after the Department of Justice urged a federal judge to force the sale of its Chrome Internet browser unit as part of a push against its dominance of the search-engine market. Shares of Alphabet are down by more than 20% for the year to date amid renewed pressure from antitrust regulators worldwide.
Similarly, Tesla shares sold off, testing their 2025 lows, ahead of the electric car maker's earnings. One strategist said the general instability caused by President Trump's tariff policies and attacks on Federal Reserve Chairman Jerome Powell was overshadowing earnings season.
"Normally, during corporate earnings, you don't have to pay quite as much attention to the 'crisis du jour,'" said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Now, it seems like earnings are in second place as far as magnitude of importance."
The Federal Trade Commission sued Uber over deceptive billing and cancellation practices regarding its Uber One subscription service.
Galaxy, a South Korean entertainment-technology group representing K-pop star G-Dragon, is planning to go public next year in a deal that could value it at around $1 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 21, 2025 17:26 ET (21:26 GMT)
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