Nasdaq 100: Tech Stocks Slammed Again Today After Alphabet Antitrust Ruling and Nvidia Hit

Tech Slammed as Dow Sinks 650 Points; Google Antitrust Blow Adds Fuel to Selloff

U.S. stocks extended their losing streak Thursday, with the Dow Jones Industrial Average falling over 650 points, or 1.6%, by late morning. The Nasdaq shed 0.5%, while the S&P 500 slipped 0.09%. A continued tech pullback and steep losses in healthcare stocks drove the broader market lower for a third consecutive session.

The selloff intensified after a Virginia federal judge ruled that Google illegally dominated two markets in online advertising. The decision raises the likelihood that the U.S. Justice Department will push to break up parts of Google’s ad business, including its Google Ad Manager and ad exchange. This adds a fresh regulatory overhang for Alphabet, already facing a separate DOJ case in Washington that could force divestment of Chrome and overhaul of its search operations.

UnitedHealth Drags Dow as Healthcare Crumbles

UnitedHealth plunged 19% following weaker-than-expected earnings and a guidance cut. Surging medical costs hammered margins, and the miss reverberated across the healthcare sector. The iShares U.S. Healthcare Providers ETF (IHF) dropped more than 6.5%, paced by declines in Humana, CVS, and Elevance.

Eli Lilly Offers Rare Green in a Bleeding Sector

Eli Lilly jumped over 15% after announcing strong results from a late-stage trial for its weight-loss pill, Orforglipron. The once-daily oral treatment showed similar results to injectable competitors in both weight reduction and glucose control. Traders view the drug as a high-margin growth driver capable of expanding the company’s leadership in the obesity treatment market.

Tech Losses Deepen on Nvidia and Alphabet Headlines

Nvidia dropped 1.5% following a $5.5 billion charge related to new export restrictions on its H20 AI chips. It’s down more than 8% over two sessions. Meanwhile, Alphabet shares came under renewed pressure after the antitrust ruling, which may force a split of its ad tech operations—creating new uncertainty for one of the largest players in digital advertising.

Netflix Set to Report in After-Hours Trade

Traders are closely watching Netflix, which will report after the close. Wall Street is expecting Q1 earnings of $5.67 per share on $10.5 billion in revenue. Options markets are pricing in an 8.5% swing. Without subscriber numbers, the focus will be on ad-tier revenue, forward guidance, and global content spend.

Market Forecast

With major regulatory risk emerging for Alphabet and tech sentiment already fragile, additional downside is possible if Netflix earnings disappoint. Healthcare remains under pressure, and the lack of sector leadership leaves the S&P 500 vulnerable. Traders should prepare for sustained volatility, with policy headlines and earnings reactions likely to dictate near-term direction.

More Information in our Economic Calendar.