MicroAlgo crashes 20%, Trump Media slips again—here’s why markets panicked

The U.S. equity market came under intense selling pressure on April 2, 2025, as investors responded to a sweeping new tariff policy announced by U.S. President Donald Trump. With levies as high as 34% on Chinese imports and 20% on European Union goods, the policy aims to reindustrialize the American economy—but also risks significant collateral damage to corporate margins, global supply chains, and economic growth.

This sudden protectionist turn was introduced under the 1977 International Emergency Economic Powers Act and represents the most aggressive shift in U.S. trade policy in decades. The result: a broad sell-off across major indices, with high-volume, high-volatility names among the worst hit. Technology, automotive, consumer goods, and pharmaceuticals were particularly impacted, with multiple companies seeing share price declines well beyond 4%.

Which were the top losing stocks on April 2, and what drove their performance?

MicroAlgo Inc. (MLGO) suffered the steepest decline of the day, plunging 20.35% to $18.00. The artificial intelligence company, with a market cap of under $200 million, has been trading with high volatility. The stock’s speculative nature and limited revenue visibility made it a primary target for selloffs in a risk-off environment.

nCino Inc. (NCNO) fell 19.67% to $22.59 on trading volume that far exceeded its daily average. The fintech firm, known for cloud banking solutions, faces multiple headwinds: reduced bank spending on IT due to higher interest rates, and investor rotation away from SaaS amid tightening liquidity.

Corcept Therapeutics Incorporated (CORT) dropped 8.83% to $83.81. Despite its strong 12-month performance—up over 250% year-on-year—the biopharma company appears to have been swept into profit-taking mode, as investors de-risked positions across the healthcare sector amid uncertainty around import pricing for pharmaceutical components.

Trump Media & Technology Group Corp. (DJT) fell 7.40% to $18.76, while its warrants (DJTWW) dropped 5.68% to $11.95. The social media company associated with the U.S. President remains speculative, and any policy-related volatility tends to impact its valuation directly, especially given its nascent revenue model and retail-heavy shareholder base.

Rivian Automotive Inc. (RIVN) slid 5.95% to $12.49 as concerns about increased EV component costs, particularly batteries and semiconductors sourced from Asia, spooked investors. Tariff exposure could erode already thin gross margins, and supply chain inflation may delay the company’s breakeven timeline.

Standard Bank Group Limited (SGBLY), trading in the U.S. as an ADR, fell 5.81% to $12.33. Despite being Africa’s largest lender, investor appetite cooled on global financials broadly as concerns mounted about capital flows and exposure to a fragmented trade environment.

Xiaomi Corporation’s U.S. listings also faced pressure, with XIACY down 4.93% and XIACF down 4.87%. With the smartphone and consumer electronics giant being highly exposed to Chinese exports, any increase in tariffs on tech goods poses serious risks to its U.S. market competitiveness.

Angi Inc. (ANGI) fell 4.76% to $14.00. The digital services marketplace has been facing a tough consumer environment and weak online ad demand. Additional inflationary pressure could reduce discretionary spending, impacting Angi’s customer base and revenue model.

Alvotech (ALVO) lost 4.67%, closing at $9.19. The biosimilar drugmaker, operating in a tightly cost-managed industry, may find tariff-related cost increases impacting its price advantage over reference biologics.

Roche Holding AG (RHHBY) declined 4.31% to $39.31. While the Swiss pharma giant is a defensive play in volatile markets, investor concern about global pharma trade flow disruptions weighed on its ADRs.

BCE Inc. (BCE) dropped 4.21% to $21.82. The Canadian telecom operator’s sell-off mirrors a broader risk-off move against foreign ADRs, especially those in high-dividend sectors that may underperform in a rising cost environment.

Pony AI Inc. (PONY) declined 4.18% to $7.56. The autonomous driving startup’s dependence on Chinese hardware and uncertain U.S. regulatory acceptance leaves it particularly exposed in a more protectionist U.S. economy.

Strathcona Resources Ltd. (STHRF) fell 3.84% to $19.52. Though oil and gas have rallied in 2025 due to supply issues, Canadian producers are grappling with volatility in cross-border energy regulations and carbon pricing talks.

United Microelectronics Corporation (UMC) lost 3.72%, closing at $6.72. As one of Taiwan’s major foundries, UMC is vulnerable to geopolitical tensions and any U.S.-China semiconductor-related tariff expansion.

Daiichi Sankyo Company, Limited (DSNKY) slid 3.35% to $24.24. As a major Japanese pharmaceutical player with global distribution, Daiichi’s logistics chain faces significant disruption if global trade channels are strained by retaliatory actions.

The Hershey Company (HSY) declined 3.34% to $163.95. Chocolate and confectionery firms are highly sensitive to sugar and cocoa prices—both of which could rise sharply under a new tariff regime, particularly if key commodities become entangled in trade disputes.

Bayer Aktiengesellschaft (BAYRY) fell 3.31% to $5.84. The German life sciences and agribusiness giant could be hurt by new import duties on agrochemical inputs or regulatory tightening in response to politically sensitive agriculture exports.

Lattice Semiconductor Corporation (LSCC) dropped 3.21% to $51.22. The chipmaker, deeply embedded in global supply networks, is particularly sensitive to any tariffs that raise prices on wafers, packaging, or rare earth materials sourced from East Asia.

Telix Pharmaceuticals Limited (TLX) declined 2.99% to $16.21. The Australian radiopharmaceutical company may see its U.S. ambitions slowed by regulatory bottlenecks or sourcing issues in the face of shifting customs practices.

Altria Group, Inc. (MO) dipped 2.84% to $57.12. Despite being seen as a “sin stock” haven in turbulent times, concerns about pricing pressures on tobacco supply chains and consumer demand weighed on sentiment.

Warrior Met Coal, Inc. (HCC) dropped 2.85% to $46.69. Coal producers are facing increased scrutiny around emissions, and trade war dynamics could further restrict coal exports, despite short-term demand spikes.

Impala Platinum Holdings Limited (IMPUY) fell 2.77% to $6.31. Platinum miners are exposed to industrial demand from the auto and hydrogen sectors, both of which could contract if tariffs dent global production capacity.

TELUS Corporation (TU) declined 2.64% to $13.99. The Canadian telecom provider may face margin pressure as North American telecom infrastructure becomes entangled in cross-border investment scrutiny.

What are the broader market risks amid this tariff-fueled correction?

With all 25 of these stocks registering daily losses, the April 2 session served as a warning about market fragility. Tariffs, while intended to reshape industrial policy, risk igniting inflation and impairing global trade flows. The resulting environment—marked by higher costs, lower margins, and limited pricing power—could translate into a prolonged equity drawdown.

Analysts from Goldman Sachs and Morgan Stanley have flagged the emergence of stagflation-like conditions. If the Federal Reserve is forced to respond to renewed inflation pressures, interest rate hikes could follow, complicating an already delicate economic recovery. Investors should prepare for sustained volatility and sector rotation, especially away from growth-dependent equities.

While long-term investors may see opportunities in high-quality names battered by panic selling, April 2 made it clear that policy shockwaves can reset valuations in mere hours. The earnings season ahead will provide critical insight into how deeply tariff fears are impacting corporate fundamentals—and which firms are best positioned to adapt.