The tech-focused Nasdaq Composite closed 1.6% lower on Monday — now 10% from the index's record high — as reports about heightened antitrust scrutiny for Apple, Facebook, Amazon and Alphabet hit those companies' share prices.

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Chart: Axios Visuals. Data: FactSet

Why it matters: Big Tech companies have been the portfolio darlings for investors and hedge funds. Until recently, any threat of regulation in the U.S. was largely ignored by Wall Street, but that may be changing.

  • Shares of Apple closed down 1%, while Amazon fell 4%. Alphabet dropped 6%, and Facebook fell more than 7%.

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Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 billion in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.