Market Insights

(Access the webinar slides.)

First-quarter earnings season has begun with stocks facing unprecedented uncertainty because of tariffs.

Major financials reported first, and attention will soon turn to large growth companies like Microsoft (MSFT), Apple (AAPL) and Meta Platforms (META). This article features key dates and recent news for these major stocks.

Recent News

• Large-cap growth stocks have borne the brunt of the selling in 2025. The technology and consumer discretionary sectors, home to most of the “Mag 7” names like AAPL and Amazon.com (AMZN), are down more than 17 percent on the year. Communications, which includes Meta Platforms (META) and Alphabet (GOOGL), is the third-worst performer, according to TradeStation data.
• Tariff uncertainty has paralyzed several of these companies because of their exposure to Asian supply chains and their dominant position in the U.S. stock market.
• Growth expectations have fallen sharply as Wall Street braces for the impact of the new trade policy. FactSet calculates that S&P 500 earnings will increase 7.2 percent in the current quarter. That’s down from an average estimate for growth of 11.9 percent at the beginning of the year.
• Sentiment has been divided on AAPL. Morgan Stanley issued a positive note, mentioning strong adoption for its Apple Intelligence AI service. The report also cited healthy demand for iPhone upgrades.
• TF International, on the other hand, said AAPL faces “immeasurable” risks if Washington pressures other countries from trading with China. He explained it would hurt global sales of Chinese-made iPhones. MoffettNathanson also saw downside earnings pressure in the stock and the risk of less demand overseas.

Apple (AAPL), daily chart, with select patterns and indicators.

• AMZN was downgraded by Raymond James amid potential margin pressures. The analyst sees risks from aggressive data-center investments and higher costs on imported merchandise. Wells Fargo issued a separate note saying AMZN was delaying some infrastructure buildouts.
• Nvidia (NVDA) will take a charge of up to $5.5 billion after the Trump Administration restricted the sale of H20 processors in China. The news surprised investors because the AI chips were specifically designed to comply with Biden-era export rules.
• GOOGL received an adverse ruling in an antitrust case, with a judge finding that Google dominated advertising markets and engaged in anticompetitive practices. The company is appealing the decision, which could have a major impact on its core search business.
• META and GOOGL face weaker demand for advertising from Temu and Shein, according to Sensor Tower data cited by Reuters. Higher tariffs caused the change.

Margin trading involves risks, and it is important that you fully understand those risks before trading on margin. The Margin Disclosure Statement outlines many of those risks, including that you can lose more funds than you deposit in your margin account; your brokerage firm can force the sale of securities in your account; your brokerage firm can sell your securities without contacting you; and you are not entitled to an extension of time on a margin call. Review the Margin Disclosure Statement at www.TradeStation.com/DisclosureMargin.