New York, January 20, 2026, 10:22 ET — Regular session.
Alphabet Inc’s Class C shares (GOOG) dropped roughly 2.1% to $323.47 early Tuesday. The stock had closed at $330.34 and swung between $317.10 and $325.17 during the session, with about 4.9 million shares traded.
Stocks fell broadly as U.S. markets touched their lowest levels in nearly three weeks, rattled by fresh tariff threats from President Donald Trump targeting Europe over a Greenland dispute. Trump announced a 10% import tariff starting Feb. 1, set to increase to 25% on June 1. Traders also braced for a jam-packed week of U.S. economic data, including GDP, PMI surveys, and the personal consumption expenditures (PCE) price index, which the Fed closely watches, alongside major earnings reports. “We’re getting the weakness because the headlines are going to drive angst and concern about what the future holds,” said David Lundgren, chief market strategist at Little Harbor Advisors. 1
Tensions showed up a day before in Europe, where Alphabet’s shares on the Frankfurt exchange dropped 2.4%. Other major U.S. tech stocks also took a hit as Trump’s tariff threats rattled sentiment, while U.S. markets were closed for a holiday. 2
Alphabet is right at the heart of the mega-cap trade driving index funds and systematic strategies. When risk appetite fades, these largest, most liquid stocks usually get hit first.
In the short term, that tends to overshadow company-specific discussions. But at its core, Alphabet’s earnings hinge on ads and cloud expansion. Talk of tariffs can swiftly shift the focus to business confidence and marketing budgets.
UBS analyst Stephen Ju bumped up his price target for Alphabet to $345 from $306 but held onto a Neutral rating. He pointed to a sluggish October followed by a stronger finish to the quarter. 3
But the trade can flip just as quickly. Should the tariff threat ease into talks, expect a swift relief rally in megacaps; if tensions escalate into a broader trade war, tech might stay subdued, even without new company updates.
Traders will key in on how Alphabet’s management discusses spending and margins as the company pushes deeper into AI within Search and Cloud. Signs that costs are outpacing revenue growth usually hit the stock ahead of any official word.
Alphabet announced its quarterly earnings call for the fourth quarter and fiscal year 2025 will take place Wednesday, Feb. 4 at 1:30 p.m. Pacific (4:30 p.m. ET). The company plans to release results ahead of the call. 4
