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U.S. stocks struggled on Monday, weighed down by a slide in major tech names as investors braced for a critical week of earnings and kept a close eye on trade negotiations.

The S&P 500 fell 0.6 percent, while the Nasdaq Composite lost 1.02 percent, pressured by declines in some of the market’s most influential companies. The Dow Jones Industrial Average pared gains to trade near the flatline as selling pressure intensified.

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The sell-off was led by the "Magnificent Seven" group of tech giants, several of which are set to report quarterly results this week. Amazon dropped nearly 2 percent, while Microsoft and Meta Platforms lost 1 and 0.53 percent. Apple shares were also under pressure, slipping 0.6 percent. Semiconductor giant Nvidia and electric vehicle maker Tesla were among the session’s biggest drags, both falling over 3 percent.

While earnings have generally come in strong so far, with 73 percent of the companies beating Wall Street’s expectations, according to FactSet, that figure still lags the five-year average of 77 percent. Analysts are also bracing for more cautious guidance for the second quarter and beyond, as companies grapple with lingering uncertainty from the Trump administration’s aggressive tariff moves.

On the trade front, Treasury Secretary Scott Bessent said Monday that it was up to China to "de-escalate" trade tensions, arguing that the U.S. had the upper hand given the trade imbalance. Speaking to CNBC, Bessent noted that while progress was slow with China, negotiations with other countries, including India, were showing promise. He hinted that a U.S.-India trade deal could be among the first breakthroughs.

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The backdrop for stocks remains volatile. April has been marked by sharp swings, fueled by tariff headlines and shifting expectations around the economic outlook. With just days left in the month, the S&P 500 is on track for a 2 percent loss and remains more than 10 percent below its February peak. The Dow is faring worse, down over 4 percent for the month, while the Nasdaq is marginally lower, off by about 0.4 percent.

Investors are also gearing up for a flood of economic data this week. Friday’s nonfarm payrolls report will be the highlight, alongside first-quarter GDP numbers and the Federal Reserve’s preferred inflation gauge, both due Wednesday.

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