Wall Street’s main indices suffered a bloodbath on Tuesday, recording steep losses amid the looming deadline for President Donald Trump’s new round of tariffs for China that would see the latter slapped with a cumulative 104-percent import tax.
The tech-heavy Nasdaq registered the heaviest fall, down by 2.15 percent, followed by the S&P 500’s 1.57 percent decline, and the Dow Jones’ 0.84-percent drop.
Ten companies mirrored the broader decline, recording hefty losses during the day. In this article, we listed the 10 worst-performing names and detailed the reasons behind their drop.
To come up with the list, we considered only the stocks with $2 billion market capitalization and $5 million in trading volume.
Stock market reports printed on a sheet of paper. Photo by RDNE Stock Project on Pexels
10. ImmunityBio Inc. (NASDAQ:IBRX)
ImmunityBio extended its losing streak for a fourth day on Tuesday, slashing 11.03 percent to finish at $2.42 apiece as investors sold off positions to mitigate risks from the ongoing economic uncertainties.
Tuesday’s drop shunned the company’s announcement that it secured some $75 million in equity and warrants financing from a single institutional investor. If fully exercised, IBRX said it would rake in as much as $90 million.
IBRX said proceeds from the fundraising activity would be used to finance its capital needs and support its ongoing business operations.
The securities to be sold are covered by its automatic shelf registration program. A final prospectus supplement, which contains additional information relating to the offering, will be filed with the SEC and will be available on the SEC’s website.
IBRX is a vertically integrated biotechnology company developing next-generation therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases.
9. Enphase Energy Inc. (NASDAQ:ENPH)
Enphase Energy declined for a fourth straight day on Tuesday, shedding 11.19 percent to finish at $49.52 apiece as investors sold off stock positions amid the broader market pessimism and the lack of fresh catalysts to spark buying appetite.
In last Wednesday’s episode of the Mad Money show, a caller asked host and former hedge fund manager Jim Cramer what he thought about ENPH stocks and if he should wait for a catalyst or instead sell it and buy Capital One.
In response, Cramer said: “Sell out and buy Capital One. There will be no good news in Enphase because you know why? It’s not a company that the president wants to see do well. It means nothing to him.”
In February this year, Cramer said that the residential solar stocks soared from 2020 to 2022 before demand lowered in 2023.
“It turned out that people can’t really afford residential solar systems without borrowing money. Meaning, the whole industry was actually built not on solar but on financing. And once people realized long-term interest rates would remain elevated for quite some time, the residential solar stocks, all got crushed. It’s not a coincidence, something like Enphase was roaring in 2020 and 2021 when people could borrow money for next to nothing,” he noted.
8. Strategy Inc. (NASDAQ:MSTR)
Strategy Inc., formerly MicroStrategy, dropped for a second day on Tuesday, losing 11.26 percent to end at $237.95 apiece as investors continued to sell off positions amid the global market uncertainties and its recent pause from acquiring Bitcoins last week.
The news was largely factored in especially due to the company’s usual aggressive stance in Bitcoin acquisition.
However, MSTR reportedly purchased 22,048 Bitcoins for $1.92 billion the week before, marking their largest acquisition to date.
Last Tuesday, investment firm TD Cowen reaffirmed its Buy rating and a price target of $550 for MSTR over its $722.5-million fixed income offer that could bolster its acquisition of more Bitcoins.
According to the analyst, the issuance of non-convertible preferred shares was a strategic move that would allow the company to advance its Bitcoin acquisition strategy.
MSTR was among the Bitcoin mining giants that had earned a boost from the US government’s backing of the cryptocurrency industry.
According to President Donald Trump, he plans to make the cryptocurrency industry a national priority.
7. Wayfair Inc. (NYSE:W)
Wayfair Inc. tumbled by 12.03 percent anew on Tuesday to end at $24.14 apiece as investors disposed of positions in the company amid the escalating trade tensions between the United States and China.
Wayfair, an online retailer of furniture, decorations, and outdoor items, among others, sources a huge chunk of its supplies from China and is expected to take a beating from the ongoing trade tensions on higher shipping and supply costs.
Retailers in the US already signaled last month that they would likely increase their prices as a result of the tit-for-tat tariffs.
Late last year, an analyst warned that Wayfair, alongside Best Buy and Five Below, would be especially at risk from the tariffs which could result in a plunge in earnings performance.
6. CoreWeave Inc. (NASDAQ:CRWV)
CoreWeave dropped its share prices by 12.52 percent on Tuesday to end at $43.61 apiece as sell-offs were triggered by an overall market pessimism to minimize risks from the ongoing economic uncertainties.
CRWV is a newly listed company that debuted on the Nasdaq exchange on March 28, 2025. Under its initial public offering, the company offered 37.5 million shares at a price of $40 apiece after initially targeting a sale of 49 million shares at between $47 and $55 apiece.
CRWV was one of the most anticipated initial public offerings this year, having been backed by Nvidia Corp.
Further adding to the positive sentiment was CRWV’s edge with OpenAI, with the latter securing $40 billion in funding from SoftBank to bolster AI.
It can be learned that CRWV reached an $11.9-billion deal with OpenAI in March. According to analysts, the deal could reduce CRWV’s 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.
5. Albemarle Corporation (NYSE:ALB)
Albemarle Corp. fell for a fourth consecutive day on Tuesday, slashing 12.63 percent to end at $50.76 apiece as investors continued to dispose of positions in the company amid its risks from President Donald Trump’s tariff policies.
ALB, a specialty chemicals manufacturing company that specializes in lithium, bromine, and refining catalysts, operates in 34 locations, including eight facilities in China, making it one of the companies vulnerable in the growing trade war globally from the threats of higher costs of exports and raw materials.
Apart from China, ALB also operates facilities in India, Japan, Korea, Singapore, Taiwan, Australia, Europe, the Middle East, Africa, and the North and South Americas.
Last week, the company said that it would release its first quarter earnings results on April 30, 2025, where investors will also be looking out for cues and outlook on the company’s business for the rest of the year and in the long-term period.
4. Tempus AI Inc. (NASDAQ:TEM)
Tempus AI saw its share prices drop by 12.81 percent on Tuesday to end at $37.23 apiece amid the overall market pessimism and the lack of fresh catalysts to boost buying appetite.
The company appeared to be waiting on the sidelines for more updates from the ongoing Annual Needham Virtual Healthcare Conference where the company is expected to present business updates.
According to TEM, its chief financial officer, Jim Rogers, will participate in a fireside discussion at the conference on Wednesday, April 9, and investors will be watching out for cues about its plans and business updates.
TEM is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of multimodal data and an operating system to make that data accessible and useful, the company provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development, and delivery of optimal therapeutics.
3. V.F. Corporation (NYSE:VFC)
Apparel maker V.F. Corporation fell for a fourth consecutive day on Tuesday, losing another 13.5 percent to end at $9.74 apiece as investors continued to sell off positions amid its risks from the ongoing global trade tensions.
V.F. Corporation (NYSE:VFC) designs, manufactures, and markets branded apparel such as The North Face, Timberland, Vans, Dickies, Jansport, and Kipling. It currently owns various facilities globally, including China, Mexico, and Canada, all of which have been slapped with higher taxes by President Donald Trump.
On Tuesday, the company named Abhishek Dalmia as its new chief operating officer. He will be tasked to oversee the company’s strategy, transformation, digital technology, and supply chain operations.
Prior to VFC, Dalmia worked at Boston Consulting Group as a partner and managing director, where he advised footwear and apparel clients on e-commerce, marketing, and technology.
2. GDS Holdings Ltd. (NASDAQ:GDS)
GDS Holdings extended its losing streak for a fourth straight day on Tuesday, losing 14.34 percent to end at $17.68 apiece as investors continued to sell off positions in Chinese stocks amid the ongoing US-China trade war.
GDS is a leading developer and operator of high-performance data centers in China. In its latest earnings release, GDS reported first-quarter earnings per share of -Y1.89, better than the -Y3.04 as expected by analysts.
The drop showed investors shunning the company’s impressive earnings performance, with the GDS swinging to a net income attributable to shareholders of RMB4.19 billion from a RMB3.16 billion net loss in the fourth quarter of 2024, as revenues grew 9.34 percent to RMB2.69 billion from RMB2.46 billion.
Meanwhile, net income attributable to shareholders for the full year of 2024 stood at RMB3.4 billion, reversing a net loss of RMB4.29 billion year-on-year, as revenues increased 5.3 percent to RMB10.3 billion from RMB9.78 billion.
1. Newsmax Inc. (NYSE:NMAX)
Newsmax Inc. plunged by 16.79 percent on Tuesday to finish at $39.21 apiece as investors resorted to profit-taking following the prior day’s surge that was buoyed by news that its viewership jumped by 50 percent from last year.
As of the first quarter of 2025, NMAX said its viewership now stands at 33.6 million, an increase of 50 percent from 22.4 million in the same period last year.
First-quarter ratings this year also saw a healthy 15-percent increase from the fourth quarter of 2024 when 29.3 million viewers tuned in.
“These strong surges in audiences rarely happen in cable news,” said NMAX Vice President for Media and Market Research Jason Villar.
”We are clearly bucking the trend of cable news and overall cable viewership as viewers clearly like the product Newsmax is offering,” he added.
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