Scottish Mortgage Investment Trust PLC (LSE:SMT), the retail investor favourite, was one of the biggest fallers on the FTSE 100 on Thursday morning, reflecting its status as a tech bellwether.
The shares declined 1.4% to 701.5p, down 16% over the past 12 months but up 14% since the start of May.
SMT's shares are currently trading at a discount of 18.85% to the last published net asset value, with the large discount having appeared this year amid worries about the large proportion of unlisted investments in the portfolio.
Today's drop is likely to reflect a downbeat start to the US tech earnings season, with numbers from Tesla, IMB and Netflix providing various factors for the market to worry about, with numbers from chip giant Taiwan Semiconductor (TSMC) and Swiss automation specialist ABB adding to the unsure footing for US markets.
Futures for the tech-heavy Nasdaq were pointing to a 0.7% decline for today.
Shares in Tesla, which is third on SMT's list of largest holdings at 5.4%, are heading for a 4% slide today as the earnings report after last night's US close showed record quarterly revenue but thinner margins.
Elsewhere, TSMC reported its first decline in profit in four years as demand for consumer electronics weakened, while ABB also warned of slowing Chinese demand.
Netflix is also seen heading lower in pre-market trading, following disappointment on revenues that a boost to subscriber numbers from the password-sharing crackdown failed to offset.
IBM also reported mixed results, with software and services slowdown.
SMT's largest holding, ASML, is heading for a 1.7% drop today, and NVIDIA, its fourth-largest investment, is set for a fall of 1.25%.
However, overall, three-quarters of the S&P 500 companies that have announced earnings so far have topped estimates, according to FactSet data.