$200bn wiped out in a day? Inside the selloff that shook the U.S. stock market

Why Did U.S. Stocks Tumble on April 22, 2025? Defense, Energy, and Mining Sectors See Broad Losses

The stock market performance today reflected deepening investor concerns as the U.S. markets closed lower on April 22, 2025. A wide range of sectors including defense, energy, and mining were hit by significant losses. From Northrop Grumman and RTX Corporation to mining giants like Hecla, Harmony Gold, and Alamos Gold, stocks slid on the back of policy-related risks, including new tariffs, and mixed earnings reports. The session added to volatility in the market, driven by anxieties over global trade policies, slowing commodity demand, and weakening corporate guidance.

The following are the top stock market trends today, with in-depth coverage of the biggest losers on April 22 and analysis of the broader macroeconomic themes pressuring equities.

What Sparked the Sharp Drop in Northrop Grumman and RTX Corporation Shares?

Northrop Grumman Corporation led the market’s decline with a 12.66% drop to $464.08. The defense major reported a 47% fall in quarterly profit due to a $477 million charge tied to production changes in the B-21 bomber program. Despite its core revenue of $9.47 billion, down 7% year-on-year, earnings per share plunged to $3.32—well below analyst forecasts. The disappointing results led the company to cut its full-year guidance, shaking investor confidence.

RTX Corporation also saw a steep 9.81% decline, finishing at $113.75. Although RTX posted $1.47 in adjusted earnings per share and 5% annual sales growth to $20.3 billion, the company flagged that ongoing tariffs—especially involving China, Mexico, and Canada—could slash its operating profit by as much as $850 million in 2025. The announcement prompted a selloff, amplifying weakness in the defense sector.

How Did Energy and Industrial Stocks Perform Under Pressure?

Halliburton Company dropped 5.57% to $20.70, following weaker-than-expected earnings. EPS for the quarter was $0.24, down from $0.68 the previous year. The oilfield services provider cited a slowdown in North American drilling activity and mounting tariff-related uncertainties as major headwinds.

Herc Holdings Inc. fell 8.22% to $102.34 after posting Q1 earnings of $1.30 per share, well below the $2.24 analysts anticipated. Although revenue beat expectations at $861 million, investor sentiment soured due to $74 million in acquisition-related expenses tied to the H&E Equipment Services deal. The results reflected broader concerns around capital expenditure trends and the rising cost of financing transactions in a volatile economic climate.

Which Communication and Medical Stocks Also Declined?

Iridium Communications Inc. declined 6.85% to $21.61, despite beating revenue and EPS estimates with $214.88 million in sales and $0.27 per share in profit. The drop was attributed to management commentary suggesting future margin compression due to tariff exposure and increased infrastructure costs.

ICU Medical Inc. dipped 4.42% to $130.68, with analysts citing uncertainty around product pricing and tighter hospital procurement budgets amid shifting U.S. healthcare regulations. Investors also appeared cautious given the company’s relatively high forward P/E multiple and weaker demand signals from Europe.

Are Aerospace and Technology-Linked Firms Losing Ground?

Hexcel Corporation fell 4.34% to $48.31, weighed down by worries that soft aerospace demand and delayed aircraft deliveries could impact advanced composite sales. Meanwhile, QXO Inc., a lesser-known firm, dropped 4.09% to $12.20. The stock, which has lost over 88% of its value over the past year, continues to struggle with restructuring efforts and poor investor sentiment toward high-risk tech growth stories.

Forge Global Holdings Inc. also slid 3.98% to $11.81. The private-market trading platform has faced declining deal flow and liquidity concerns in a venture capital environment still adjusting to high interest rates and a cooldown in startup valuations.

What Explains the Pullback in Gold and Silver Mining Stocks?

Gold and silver miners were heavily represented among the session’s biggest losers. Despite strong commodity prices in recent weeks, investors took profits amid fears that global tariffs could curb industrial and consumer demand for precious metals.

Harmony Gold Mining Company Limited slipped 3.90% to $17.01. Apellis Pharmaceuticals Inc. fell 3.66% to $17.37, though it operates outside the mining space; the decline came as market participants reassessed biotech valuations following a weaker-than-expected pipeline update.

Orla Mining Ltd. retreated 3.65% to $11.08, Northern Star Resources Limited dropped 3.59% to $13.96, and Coeur Mining Inc. declined 3.36% to $5.75. These firms, along with Pan American Silver Corp. (-3.08% to $26.14), Alamos Gold Inc. (-3.03% to $28.85), Equinox Gold Corp. (-2.99% to $6.82), and Gold Fields Limited (-2.95% to $23.39), saw broad selling.

Hecla Mining Company also lost 4.88%, closing at $5.65, amid speculation that U.S. import tariffs on heavy machinery and raw materials could squeeze margins and delay expansions. Despite strong year-to-date performances for some of these miners, today’s retracement shows the sector’s vulnerability to short-term macroeconomic shocks.

What Industry and Economic Trends Drove the April 22 Sell-Off?

The overall stock exchange updates today were shaped by renewed fears that the Trump administration’s multi-country tariff hikes—targeting steel, electronics, and defense imports—may worsen input cost inflation and delay procurement cycles across industries. In particular, industrials and defense manufacturers flagged risks around supply chain realignment, increased inventory costs, and demand deferrals.

Meanwhile, biotech and med-tech firms are facing regulatory headwinds tied to upcoming reforms in U.S. healthcare spending and FDA guidelines, leading to defensive positioning by institutional investors.

In addition, macroeconomic indicators such as soft retail sales and tepid housing starts added to the market’s risk-off sentiment. Concerns over a slowing Chinese economy and ongoing geopolitical instability have also weighed on investment news and updates, especially for globally exposed companies.

What Are Analysts Saying About Investor Sentiment and Outlook?

According to market analysts, today’s session highlights how tariff policy remains a significant overhang for companies operating in capital-intensive sectors. Fund managers noted that the losses in Northrop Grumman and RTX were driven not just by earnings but by long-term fears about global defense procurement cycles. Similarly, selloffs in the energy and mining sectors suggest that real-time stock exchange news is increasingly sensitive to trade risks.

Institutional flow data suggests rotation out of industrials and select mid-cap tech, with money moving into utilities and consumer staples—considered safer plays in times of volatility. Foreign institutional investors (FIIs) were net sellers on the day, while domestic institutional investors (DIIs) provided some support in defensive names.

Despite this sharp pullback, market watchers remain optimistic about select themes, particularly AI and energy transition plays that offer inflation-resilient revenue models.

What Does the April 22 Market Drop Tell Us About Broader Trends?

The top business stories of the day on April 22 make it clear that investors are on edge about the impact of political and policy shifts on corporate earnings. As more companies enter earnings season, any sign of margin erosion or capex cutbacks due to tariffs could lead to continued pressure on valuations. The declines across sectors—from aerospace to mining to technology—illustrate how global events are increasingly interconnected in shaping stock market trends.

For investors, staying updated on the latest stock market news and watching daily stock trading news is more important than ever. As trade and policy decisions evolve, markets will continue to respond swiftly, reshaping portfolio allocations and valuation expectations across industries.