Nasdaq Index: Tech Stocks Tumble as Trade War Fears Shake Investor Sentiment

Cloud software company Okta jumped 14% after reporting stronger-than-expected quarterly results, with earnings of 78 cents per share on $682 million in revenue. Analysts had expected 74 cents per share on $670 million in sales.

Best Buy edged 1% lower despite exceeding earnings expectations, as concerns over tariffs weighed on the stock. Target, however, gained nearly 1% after reporting better-than-expected results, though management warned of profit pressures in the first quarter of 2025 due to tariffs and consumer uncertainty.

Scotts Miracle-Gro rose over 1% after an upgrade from Stifel, which highlighted a “robust” earnings recovery. In contrast, GitLab dropped 4% after issuing full-year earnings guidance below analyst expectations.

What’s Next for Traders?

Markets are closely watching for further details on Mexico’s response to U.S. tariffs, which could add to volatility in trade-sensitive sectors. Investors will also focus on upcoming economic data and comments from Federal Reserve officials, particularly as inflation concerns resurface.

With stocks under pressure, traders remain cautious as uncertainty over trade policy and corporate earnings continues to shape market sentiment.

More Information in our Economic Calendar.