Wall Street kicked off the trading week on a sour note anew as investors continued to digest the impact of President Donald Trump’s tariff policies and his criticism of the Federal Reserve.
The tech-heavy Nasdaq fell the most among the major indices, down 2.55 percent, followed by the Dow Jones at 2.48 percent, and the S&P 500 at 2.36 percent.
Ten companies mirrored the market bloodbath, booking significant losses during the day. In this article, we have listed the 10 worst-performing companies on Monday and detailed the reasons behind their declines.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
Stock market charts. Photo by Kaboompics.com on Pexels
10. Oklo Inc. (NYSE:OKLO)
Shares of Oklo tumbled by 7.23 percent on Monday to close at $20.39 apiece as investors sold off positions while digesting news that the Department of Energy (DOE) is looking to slash its budget for clean energy projects by $10 billion.
The news weighed down on investor sentiment on fears that the budget reduction, as triggered by Elon Musk’s Department of Government Efficiency, could result in lower government contracts and programs for clean energy, as well as job losses.
Although a clean energy company with zero carbon emissions, OKLO stands out as one of the firms fueling artificial intelligence through partnering with data centers for energy supply.
Nuclear projects in general are among President Donald Trump’s preferred energy solutions for their promising capability to power AI and the US manufacturing sector.
Just recently, OKLO sealed a deal with RPower to deploy a phased power model for data centers. The model combines immediate energy deployment using RPower natural gas generators with a transition path to clean, reliable energy from Oklo’s Aurora powerhouses, eliminating reliance on diesel generators and supporting scalable, sustainable operations.
9. Vertiv Holdings Co. (NYSE:VRT)
Vertiv Holdings declined by 7.70 percent on Monday to end at $67.57 apiece as investors repositioned their portfolios ahead of the release of its first quarter earnings results.
VRT is scheduled to announce its performance for the last three months before the market opens on Wednesday, April 23, where investors will be closely watching out for its outlook for the year, given the ongoing market uncertainties, and whether it will beat or miss earnings estimates.
VRT is a multinational company providing critical infrastructure projects for data centers and communication networks, among others.
In the fourth quarter of 2024, VRT registered a 36.8 percent drop in net income at $147 million from the $232.6 million registered in the same period a year earlier, despite net sales jumping by 25.78 percent to $2.3 billion from $1.86 billion year-on-year.
Net income for the full year of 2024 also rose by 7.7 percent to $495.8 million from $460.2 million, while net sales increased by 16.7 percent to $8 billion from $6.86 billion in 2023.
8. Vistra Corp. (NYSE:VST)
Vistra Corp. declined by 7.71 percent on Monday to finish at $106.52 apiece as investor sentiment was dampened by news of a $10 billion budget cut in various clean energy projects.
The lower spending, as triggered by Elon Musk’s Department of Government Efficiency, could result in disrupted government contracts, job cuts, and lower budget for clean energy programs, which VST is heavily invested in.
According to VST, it is set to release the results of its first quarter performance on Wednesday, May 7, where investors will be watching out for whether it could sustain its strong earnings performance, as well as its outlook for the full year of 2025.
In the fourth quarter of 2024, VST said it swung to a net income of $490 million from a $184 million net loss in the same period a year earlier.
Net income in full-year 2024 alone surged by 88 percent to $2.8 billion from $1.49 billion in 2023.
7. ADMA Biologics Inc. (NASDAQ:ADMA)
ADMA Biologics saw its share price decrease by 7.84 percent on Monday to close at $19.64 apiece as investors sold off amid an overall market pessimism and the lack of fresh catalysts to boost investing appetite.
Last week, ADMA saw a rally in its shares following announcements that it sees minimal to no impact from the ongoing trade tensions globally.
In a news release, ADMA President and CEO Adam Grossman underscored the company being a fully US-based firm, with manufacturing operations, market sales, and customer engagements conducted exclusively within the US.
“The tariffs that have been implemented on foreign goods, services, and manufacturing should have no impact on ADMA and its supply chain or production operations,” he said.
“Our strategic infrastructure not only ensures enhanced supply chain robustness, resilience, and regulatory compliance but also aligns with increasing federal and private sector preferences for US-made products and services,” he added.
ADMA is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing, and developing specialty biologics for treating immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
6. Blackstone Inc. (NYSE:BX)
Blackstone Inc. saw its share prices drop by 7.80 percent on Monday to close at $120.22 apiece after earning a series of bearish ratings from investment firms.
On Monday, Barclays gave BX a Hold rating and a price target of $136 apiece, representing a 13-percent upside from its last closing price.
Last week, Wells Fargo gave the company a Hold rating but a price target higher than Barclays, at $139, or a 15.6-percent upside from its Monday closing price.
According to Wells Fargo, the rating took into account the near-term headwinds for the company, such as trade tensions and potential credit losses that could impact its performance.
BX is one of the leading alternative asset managers globally with more than $1 trillion in assets under management. It boasts of managing more than 12,500 real estate assets and over 250 portfolio companies.
5. Sweetgreen Inc. (NYSE:SG)
Sweetgreen extended its losing streak for a fourth straight day on Monday, slashing 8.23 percent to close at $16.96 apiece as investor sentiment was dampened by the resignation of its chief operating officer.
Last week, SG announced that its COO, Rossann Williams, has resigned from her position effective on April 16. The company did not divulge the reason for the resignation, nor if it was searching for a new COO to take over. However, Williams will remain as a consultant until June 1.
Williams became COO in February 2024, replacing Chris Carr, who left the company after two years in service.
In other news, Bank of America lowered its price target for SG to $31 from $36 previously. The new price target represented an 83 percent upside from its closing price on Monday.
SG is a fast food chain that offers healthy salads and grain bowls.
4. Allegro MicroSystems Inc. (NASDAQ:ALGM)
Allegro MicroSystems fell for a fifth straight day on Monday, shedding 8.47 percent to finish at $16.53 apiece following ON Semiconductor Corp.’s (NASDAQ:ON) withdrawal of its plan to acquire the company.
In a statement last week, ON said that it officially terminated its efforts to acquire ALGM and withdrew its all-cash acquisition proposal of $35.10 per share, saying that it determined there was “no [more] actionable path forward.”
For its part, ALGM said that the company, alongside its independent financial and legal advisors, carefully reviewed and considered ON’s proposals and determined “each was inadequate.”
ALGM added that it continued to pursue negotiations with ON after it axed its proposal, but was rejected by the latter.
In other news, ALGM is set to release the results of its fourth quarter and fiscal year 2025 earnings performance on Thursday, May 8. Investors are expected to closely watch out for its near-term outlook as well as the next steps for the business following ON’s withdrawal.
3. CoreWeave Inc. (NASDAQ:CRWV)
CoreWeave Inc. extended its losing streak for a fifth consecutive day to touch a new low on Monday, losing 9.40 percent to end at $35.42 each amid the lack of fresh catalysts to spark buying appetite.
At intra-day trading, CRWV dropped to its lowest price of $33.51 apiece before slight buying pushed the company’s share price higher at the end.
In recent news, CRWV clinched a new $4.5-billion deal with Galaxy Digital, a crypto miner turned AI cloud service provider, to host its infrastructure at the latter’s Helios campus in West Texas. Under the terms, Galaxy will deliver 133 megawatts of critical IT load to host CRWV’s artificial intelligence and high-performance computing infrastructure.
As part of the conversion process, Galaxy is set to remove its crypto-mining hardware from the site.
Apart from Galaxy Digital, CRWV also bagged an $11.9-billion deal with OpenAI in March, a significant development for the company that analysts said could help reduce its reliance on Microsoft, which earlier lessened its commitment to the company for missing deadlines and materials delivery issues needed to scale its artificial intelligence models.
2. AST SpaceMobile Inc. (NASDAQ:ASTS)
AST SpaceMobile dropped its share prices by 11.22 percent on Monday to close at $20.76 apiece amid an overall market pessimism that spilled over into the company.
In recent news, ASTS, in partnership with telecommunications provider AT&T, secured the green light from the Federal Communications Commission (FCC) to test direct-to-cellular satellite connectivity. The approval covers tests of FirstNet using ASTS’ Bluebird satellites, which are currently in low Earth orbit.
With the approval, AT&T and ASTS expect public-safety-grade satellite communications to begin later this year.
“Satellite connectivity on FirstNet is being built with public safety’s unique needs in mind,” said Matt Walsh, AT&T’s AVP for FirstNet and NextGen 911 products.
“First responders need more than the minimum, and we are excited to continue building out our comprehensive network to serve the public safety community,” he added.
1. MP Materials Corp. (NYSE:MP)
MP Materials dropped its share prices by 11.99 percent on Monday to close at $23.19 apiece following news last week that it had halted shipments of rare earth materials to China amid the latter’s retaliatory tariffs and export controls.
“Selling our valuable critical materials under 125 percent tariffs is neither commercially rational nor aligned with America’s national interest,” MP said in a statement last week.
“We have been preparing for this moment since day one. Our mission, capital strategy, and execution reflect a long-term vision built to withstand short-term dislocation and emerge stronger,” it added.
MP said it invested nearly $1 billion to restore the full rare earth supply chain in the US, and that its California refinery is processing nearly half of its total production. Virtually all materials are sold into markets outside China, such as Japan, South Korea, and the US.
MP produces rare earth materials, a group of 17 metals used to make magnets that turn power into motion for electric vehicles, cell phones, and other electronics. The company is currently one of the largest non-Chinese rare earth miners and processors globally.
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