Ten stocks lost their steam on Wednesday, bucking a broader market rally, as investors digested a flurry of negative developments, including earnings misses and a weaker outlook for the rest of the year.

Meanwhile, the Dow Jones led the rally among the major indices, jumping 1.14 percent, followed by the S&P 500 at 0.78 percent, and the tech-heavy Nasdaq at 0.61 percent.

In this article, we name the 10 worst performers on Wednesday and break down the reasons behind their declines.

To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. STMicroelectronics N.V. (NYSE:STM)

STMicroelectronics dropped its share prices by 4.91 percent on Wednesday to close at $31.77 apiece as investors unloaded positions ahead of the release of its second quarter earnings performance.

STMicroelectronics N.V. (NYSE:STM) is scheduled to announce the results of its financial and operating highlights before market open on Thursday, July 24, where analysts expect the company to report $2.77 billion in revenues and earnings per share of $0.10.

Additionally, investors remained cautious amid President Donald Trump’s threat last week that he would likely impose a new round of tariffs on chips and pharmaceutical products as soon as August 1, the latest deadline for the introduction of his reciprocal levies on other countries.

In other news, STMicroelectronics N.V. (NYSE:STM) earned a higher price target of $50 and “outperform” rating from investment firm Baird amid improving gross margins, silicon carbide (SiC) revenue, and the clearer path to recovery of industries that it supplies its products.

9. SharpLink Gaming, Inc. (NASDAQ:SBET)

SharpLink declined by 5.8 percent on Wednesday to close at $25.81 apiece as investors turned cautious amid the drop in Ethereum prices during the day.

As of this writing, prices of Ethereum, which SharpLink Gaming, Inc. (NASDAQ:SBET) hoards in its treasury, were down by 3.17 percent at $3,629.59 apiece as market experts predict the cryptocurrency to pull back to the $3,400 support level.

SharpLink Gaming, Inc. (NASDAQ:SBET) traders took the comment negatively, especially after the company reported last Tuesday that it hiked its ETH ownership in ETH to 360,807 following the purchase of another 79,949 ETH. The cryptocurrencies were bought at an average price of $3,238 apiece.

ETH concentration rose to 3.06, up 53 percent since the company launched its digital treasury strategy.

The lump sum transaction made SharpLink Gaming, Inc. (NASDAQ:SBET) the largest ETH owner to date.

According to SharpLink Gaming, Inc. (NASDAQ:SBET) another $96.6 million of proceeds from a recent share sale have yet to be deployed to purchase more ETH.

8. NextEra Energy, Inc. (NYSE:NEE)

NextEra Energy saw its share prices decrease by 6.09 percent on Wednesday to close at $72.82 apiece, despite reporting better earnings, as investors appeared to have already expected and priced in a strong performance during the period.

Based on its earnings presentation, NextEra Energy, Inc. (NYSE:NEE) achieved a 25-percent increase in attributable net income during the second quarter of the year, at $2.028 billion versus $1.622 billion in the same period last year. This represented earnings per share of $0.98 versus $0.79 year-on-year.

“We believe we are well positioned to continue delivering for our customers and shareholders and will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2027, while maintaining our strong balance sheet and credit ratings,” said NextEra Energy, Inc. (NYSE:NEE) President and CEO John Ketchum.

For the full year, NextEra Energy, Inc. (NYSE:NEE) said outlook guidance remained unchanged, with adjusted EPS still expected to settle anywhere between $3.45 and $3.70.

The company also expected to grow its dividends at a roughly 10 percent rate per year through 2026.

7. Microchip Technology Incorporated (NASDAQ:MCHP)

Microchip Technology declined by 6.66 percent on Wednesday to close at $70.25 apiece after a semiconductor giant signaled weaker demand and a cautious outlook for the industry.

Microchip Technology Incorporated (NASDAQ:MCHP) dropped alongside its semiconductor peers, including STMicroelectronics N.V. (NYSE:STM), and NXP Semiconductors N.V. (NASDAQ:NXPI), among others, following giant player Texas Instruments’ weaker-than-expected outlook for the remainder of the year.

Analysts noted a tone shift from Texas Instruments’ executives in relation to the recovery of the semiconductor industry, compared with previous quarters.

Despite being a US-based company, Microchip Technology Incorporated (NASDAQ:MCHP) stands to bear the indirect impact of President Donald Trump’s imposition of tariffs on various global industries, which it supplies.

Microchip Technology Incorporated’s (NASDAQ:MCHP) solutions serve more than 123,000 customers across industrial, automotive, consumer, aerospace, defense, communications, and computing markets.

6. QuantumScape Corporation (NYSE:QS)

QuantumScape fell anew on Wednesday, shedding 7.03 percent to close at $12.83 apiece, as investors finished pricing in its earnings performance in the second quarter of the year.

In its latest earnings release, QuantumScape Corporation (NYSE:QS) said it narrowed its net loss attributable to shareholders by 6.8 percent to $114.7 million from $123 million in the same period last year. Net loss for the first semester of the year also shrank by 6 percent to $229 million from $243.6 million year-on-year.

Loss from operations came in at $123 million during the quarter, lower by 8 percent than the $134 million in the same period last year. This put its first half loss from operations down by 7 percent to $247 million from $266 million year-on-year.

On the same day, QuantumScape Corporation (NYSE:QS) announced deepening its collaboration with the Volkswagen Group following the expansion of a strategic collaboration and licensing agreement with its subsidiary, PowerCo SE.

Under the agreement, both companies will work on accelerating QSE-5 battery development.

5. NIQ Global Intelligence (NYSE:NIQ)

NIQ Global Intelligence finished in the red on its first day as a publicly listed company, shedding 9.48 percent to close at $19.01, as investors appeared to have looked for more catalysts to boost buying appetite.

The company opened at a price of $20.25 apiece, hit a high of only $20.39, and touched a low of $18.99.

However, the company was able to raise as much as $1.5 billion in its market debut, with proceeds to be used to repay existing debt, while the remainder will be used for general corporate purposes.

NIQ Global Intelligence (NYSE:NIQ) is a leading market research provider that operates in more than 90 countries, including North America, Latin America, Asia Pacific, Europe, Africa, and the Middle East, and has a workforce of more than 38,000 people.

It also caters to over 23,000 clients globally, including about 50 percent of the Fortune 500.

4. MARA Holdings, Inc. (NASDAQ:MARA)

MARA Holdings fell by 11.62 percent on Wednesday to close at $17.57 apiece as investor sentiment was dampened by plans to raise $1 billion through debt to finance the acquisition of more Bitcoins.

In a statement, MARA Holdings, Inc. (NASDAQ:MARA) said that it intends to offer $850 million worth of convertible senior notes due 2032, with an overallotment option of up to $150 million.

The notes will be unsecured, senior obligations and are not expected to bear regular interest other than special interests in limited circumstances.

The notes will mature on August 1, 2032, unless earlier repurchased, redeemed, or converted in accordance with the terms. Subject to certain conditions, on or after January 15, 2030, MARA Holdings, Inc. (NASDAQ:MARA) said it may redeem for cash all or any portion of the notes.

MARA Holdings, Inc. (NASDAQ:MARA) said it intends to use $50 million of the net proceeds to repurchase a portion of its existing 1 percent convertible senior notes due 2026, while the balance will be used to acquire additional bitcoin and for general corporate purposes.

3. Texas Instruments Inc. (NASDAQ:TXN)

Texas Instruments slashed its share prices by 13.34 percent on Wednesday to close at $186.25 apiece as investor sentiment was dampened by the company’s softer outlook for the rest of the year amid weak demand.

Following the release of its second quarter earnings performance, Texas Instruments Inc. (NASDAQ:TXN) said that it expects third quarter earnings per share to settle between $1.36 and $1.6, below analyst consensus. Revenue outlook, on the other hand, was pegged at $4.45 billion to $4.8 billion, in line with Wall Street expectations.

In the second quarter of the year, net income increased by 15 percent to $1.295 billion from $1.127 billion, while revenues were higher by 16 percent to $4.448 billion from $3.822 billion year-on-year.

Following the results, investment firm TD Cowen lowered its price target for the company by 6 percent to $230 from $245, but maintained a “buy” recommendation for its stock.

2. Fiserv, Inc. (NYSE:FI)

Fiserv nosedived by 13.84 percent on Wednesday to end at $143 apiece despite a strong earnings performance in the second quarter of the year, as investors were disheartened by missed merchant growth expectations.

In its earnings release, Fiserv, Inc. (NYSE:FI) announced a 9-percent organic revenue growth in its merchant solutions unit, but slower than the 11 to 13 percent as expected by analysts.

Additionally, the company said that it was expecting merchant revenues to settle near the low end of its previous guidance of 12 to 15 percent for 2025.

In the second quarter of the year, Fiserv, Inc. (NYSE:FI) grew its attributable net income by 14.76 percent to $1.026 billion from $894 million in the same period last year.

Revenues were also higher by 7.8 percent to $5.5 billion from $5.1 billion year-on-year.

On the same day, Fiserv, Inc. (NYSE:FI) announced a strategic collaboration with TD Bank Group, where the latter’s merchant solutions will utilize the former’s Clover point-of-sale technology for its merchant business.

1. Enphase Energy, Inc. (NASDAQ:ENPH)

Enphase Energy fell by 14.16 percent on Wednesday to end at $36.48 apiece as investor sentiment was dampened by a weak revenue outlook for the third quarter of the year.

In a statement, Enphase Energy, Inc. (NASDAQ:ENPH) said that it expects revenues for the current quarter to end as low as $330 million or increase to as high as $370 million.

Quarter-on-quarter, this would translate to expectations of either a 9 percent drop or a 1.2-percent increase.

According to Enphase Energy, Inc. (NASDAQ:ENPH) remains a key headwind for the company, but said that it was exploring steps to diversify its supply chain and reduce reliance on Chinese components, where tariffs are steep.

In the second quarter of the year, Enphase Energy, Inc. (NASDAQ:ENPH) achieved a 242-percent jump in net income at $37 million versus the $10.8 million in the same period last year.

Revenues were also higher by 19.8 percent to $363 million from $303 million year-on-year.

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