July 23, 2015 6:08 AM EDT

The biggest technology stock-market rally in months was knocked flat July 21, as disappointing earnings rolled in from (almost) all corners. But there was a bright side: the dip seems to reflect a sense among investors that the market is peaking, rather than long-term weaknesses at top companies. Below, how some big names fared.

APPLE

In the latest quarter, Apple grew revenue by 33% and profits by 38%, to $10.7 billion. And yet, largely because iPhone sales came in below expectations, a sell-off shaved more than $60 billion in market value in just three minutes on July 21.

GOOGLE

The search giant’s robust earnings, along with excitement over the cost-reducing plans of its new CFO, spurred the biggest one-day wealth creation by any U.S. stock. On July 17, Google surged 16%, adding a massive $65 billion to its market capitalization.

MICROSOFT

Despite the excitement surrounding Windows 10, set to launch at the end of July, the company posted its largest ever loss as a result of a historic $7.5 billion write-down of its Nokia handset business. Shares tumbled 4% on July 21.

YAHOO

The struggling Internet portal posted a $22 million loss as its costs for acquiring search traffic continued to rise, sending share prices down. The firm may find it harder to attract investors after it spins off its stake in Chinese giant Alibaba by year’s end.

This appears in the August 03, 2015 issue of TIME.

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