How much has trade turmoil hit the economy and corporate earnings? Investors will get some clues this week, with the monthly jobs report and data showing how fast the economy grew in the first three months of this year.

Plus, four of the Magnificent Seven tech stocks—Amazon, Apple, Meta Platforms and Microsoft—are set to report earnings. Apple’s reliance on its Chinese supply chain will be particularly scrutinized.

Google parent Alphabet posted strong quarterly earnings last week, but warned of coming headwinds from the end of the “de minimis” trade loophole. The exemption for shipping lower-value goods is due to end Friday.

“The focus this week will be on how much this tariff stress has hit real-world decision-making,” ING analysts said Monday.

Major stock indexes were down in early-afternoon trading, putting them on track to snap four consecutive days of gains. Declines by big technology stocks helped drag indexes lower.

The Nasdaq Composite fell more than 1%. The S&P 500 and Dow industrials were also lower.

All seven of the Magnificent Seven large-cap tech stocks were down, with Nvidia shares falling more than 3%. The Wall Street Journal reported Sunday that China’s Huawei was developing a new AI chip that it hopes could replace some of Nvidia’s higher-end products.

Treasury yields fell. The 10-year yield declined to 4.22%.

Most major European and Asian stock indexes closed higher.

Bitcoin prices stood around $94,000.

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