Top US stock losers on April 28, 2025: Spotify, Schneider Electric, Goosehead Insurance lead broad market retreat

Investors Trim Risk Exposure as Tech, Insurance, Pharma, and Energy Stocks Decline Sharply

United States equities suffered a widespread pullback on April 28, 2025, as an array of industry leaders, including Spotify Technology S.A., Schneider Electric S.E., and Goosehead Insurance, Inc., registered steep losses. Investor sentiment soured under the weight of ongoing macroeconomic concerns, rising interest rate anxieties, and sector-specific challenges, causing sharp declines across diverse industries.

Schneider Electric S.E. (SBGSY) was the top percentage decliner among major stocks, falling 6.85% to $46.49. The France-based energy management and automation solutions provider, despite a 7.77% gain over the past year, encountered selling pressure as investors grew wary about the company’s exposure to slowing industrial capital expenditures in Europe amid energy transition complexities.

Telix Pharmaceuticals Limited (TLX) dropped 6.64% to $17.57. The Australian biotech firm, with its high 195.22 trailing P/E ratio, was vulnerable as investors rotated out of high-valuation healthcare names due to concerns over regulatory bottlenecks and increased competition in oncology diagnostics.

SK Telecom Co., Ltd. (SKM) also suffered a significant 5.75% decline to $21.14. The South Korean telecommunications major, which had posted a modest 8.46% gain over 12 months, faced pressure as global telecom peers lowered future revenue guidance amid intensifying competition and slower 5G monetization.

Goosehead Insurance, Inc. (GSHD) slid 5.00% to $94.56. The independent insurance distributor faced heightened scrutiny regarding underwriting profitability as reinsurance premiums remain elevated, directly impacting sector margins across personal and commercial lines.

Why Spotify and CleanSpark Were Among the Worst Performers

Spotify Technology S.A. (SPOT) tumbled 3.70% to $597.73, giving back a portion of its extraordinary 116.85% one-year surge. Investors appeared to lock in profits ahead of a highly anticipated earnings release, with many analysts citing risks that operating expenses could weigh on 2025 profitability projections.

CleanSpark, Inc. (CLSK) declined 4.88% to $8.57 as cryptocurrency stocks broadly underperformed. Bitcoin’s recent retreat, compounded by renewed regulatory threats, fueled further selling in CleanSpark, already down 50.28% over the last year.

Maplebear Inc. (CART), the parent company of grocery delivery service Instacart, dropped 4.75% to $39.92. With a 21.55% gain over the year, CART is still navigating post-IPO volatility and a highly competitive online delivery landscape where profit margins remain tight.

Angi Inc. (ANGI) fell 4.63% to $11.75. The home services digital marketplace continues to wrestle with lower consumer discretionary spending, with year-on-year stock performance down 42.96%, reflecting persistent profitability challenges.

BYD Company Limited’s dual listings, BYDDY and BYDDF, fell 4.62% and 4.47% respectively. Despite robust 87.88% and 88.41% one-year gains, concerns about Chinese EV oversupply, intensifying competition, and potential export restrictions pressured shares.

Tonix Pharmaceuticals Holding Corp. (TNXP) dropped 4.43% to $17.03. The small-cap biotech, grappling with substantial clinical trial risks, remains down 96.91% over the past 52 weeks, underlining extreme volatility among micro-cap pharmaceutical equities.

Automotive and Financial Stocks Face Headwinds

Luxury carmaker Dr. Ing. h.c. F. Porsche AG (DRPRY) fell 4.15% to $5.08, tracking a broader trend of weakness in premium consumer segments. Rising financing costs and sluggish global luxury car sales are negatively impacting auto stocks.

Erie Indemnity Company (ERIE) dropped 4.01% to $347.33. The insurance underwriting and services company, typically viewed as defensive, was not immune to the day’s broad sector declines amid concerns about claims inflation.

The Boston Beer Company, Inc. (SAM) declined 3.99% to $238.01. SAM has been contending with changing consumer alcohol preferences and rising input costs, resulting in a 13.21% stock decline over the past year.

Renesas Electronics Corporation (RNECY) fell 3.84% to $6.01, mirroring global semiconductor sector weakness. Market fears about slowing chip demand in automotive and industrial sectors weighed on the Japanese chipmaker.

Nomura Holdings, Inc. (NMR) slid 3.63% to $5.57 as global banking names faced renewed skepticism over the earnings sustainability of trading and advisory divisions amid tepid global capital markets activity.

Deutsche Börse AG (DBOEY) dropped 3.59% to $31.15, even after a strong 66.12% one-year rally. The German exchange operator is seeing deceleration in trading volumes, pressuring revenue growth forecasts.

TransMedics Group, Inc. (TMDX) fell 3.54% to $90.19. The organ transplant device innovator saw sentiment weaken despite strong operational metrics, likely affected by broader risk-off flows impacting medtech.

Scholar Rock Holding Corporation (SRRK) declined 3.47% to $31.67. Despite being one of the strongest biotech gainers over the past year (+120.35%), high-beta stocks like SRRK remain vulnerable during broader market pullbacks.

Energy and Consumer Staples Names Not Spared

Saia, Inc. (SAIA) slid 3.47% to $237.11. The trucking and logistics firm faces margin pressures from softer freight volumes and intensifying competition in less-than-truckload (LTL) shipping.

Ecopetrol S.A. (EC) lost 3.42% to $8.47, reflecting broader concerns across Latin American energy majors as oil prices stay volatile amid mixed economic signals out of China and the US.

Galp Energia, SGPS, S.A. (GLPEY) dropped 3.40% to $7.66. The Portuguese energy company continues to face headwinds from global energy market disruptions and transition investment costs.

Avantor, Inc. (AVTR) declined 3.40% to $12.49. The lab supplies and materials provider is seeing investor hesitancy due to weaker-than-expected academic and biopharma demand trends.

Colgate-Palmolive Company (CL) slipped 3.14% to $90.96. While consumer staples are usually defensive, cost pressures and currency headwinds continue to challenge multinational brands like Colgate.

Certara, Inc. (CERT) fell 3.11% to $13.73. The drug development consultancy firm is adjusting to shifting pharma client priorities and longer contract sales cycles.

Broader Market Context: Risk Sentiment Shifts Sharply Negative

April 28’s stock market weakness reflected growing investor caution ahead of key US macroeconomic releases, including inflation data and the Federal Reserve‘s next interest rate decision.

Higher-for-longer interest rate expectations have dampened enthusiasm for richly valued equities, particularly in sectors such as biotechnology, semiconductors, and electric vehicles. A growing view that the economy is entering a “late-cycle” phase is prompting portfolio repositioning towards defensive assets, though even traditional safe havens like insurance and consumer staples did not escape the latest sell-off.

Institutional Sentiment: Profit-Taking and Defensive Rotation Accelerate

Options market data pointed to a spike in hedging activity, particularly in major tech names. Institutional flows suggest a defensive rotation is underway, with increased allocations to cash and US Treasuries. ETF outflows from growth-centric funds further confirmed the sentiment shift, indicating that April’s stock market rally may be losing steam.