Stock Market Today: Dow slumps 570 points to end worst month since September 2022 as Fed decision looms

April was another uneven month for members of the Magnificent Seven, with various companies experiencing different performances.

Meta Platforms Inc. faced a double-digit drop, making it the worst performer among the group of megacap stocks. The social-media giant is on track for its worst month since October 2022 after revealing artificial-intelligence-related spending plans during its latest quarterly earnings report.

On the other hand, Alphabet Inc. saw a positive turn of events as its shares rallied following its latest earnings report. This pushed the company’s market valuation above $2 trillion for the first time, with shares set to rise more than 9% in April, the best monthly performance since July.

Tesla Inc. also made notable gains with a more than 5% increase in April. The electric-vehicle maker managed to recover from a steep year-to-date decline after securing a deal on assisted-driving technology in China and reporting earnings that were better than feared.

However, Nvidia Corp. experienced a retreat in April as semiconductor stocks continued to face pressure in the market.

Amazon.com Inc. is expected to finish the month with a modest decrease in its first monthly drop since September. The e-commerce giant could potentially see a boost in its shares following its upcoming earnings report.

Overall, the market saw fluctuations in the performance of these key companies, reflecting the ongoing dynamics in the stock market.