Big Tech Sinks Stock Market in Runup to Earnings: Markets Wrap

Main indexes drop from records ahead of megacap results
China, Hong Kong selloff deepens amid government crackdown

WATCH: JPMorgan Asset Management sees the China selloff as a localized issue that is not getting in the way of earnings in the U.S. and Europe.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Richard Richtmyer, Vildana Hajric, and Natalia Kniazhevich

July 26, 2021 at 10:06 PM UTC

Updated on

July 27, 2021 at 8:04 PM UTC

This article is for subscribers only.

U.S. equities ended a five-day winning streak on Tuesday as megacap technology stocks including Apple Inc. and Microsoft Corp. tumbled ahead of their earnings reports.

The tech-heavy Nasdaq 100 posted its biggest drop in more than two months as all three of the major American equity indexes fell from all-time highs. The Hang Seng Index sank the most since May 2020 as speculation swirled that U.S. funds are offloading China and Hong Kong assets.