It's a market meltdown.

It's almost Friday, right?

Wrong. Before you even think about turning off your computer or phone, you have to catch up with the top stories from today.

Tech's Falling Off of a Cliff

The tech sector was slammed on Monday, July 30. The sector brought down the Nasdaq by 1%.

The weakness comes after disappointing user growth from Twitter Inc. (TWTR) , Facebook Inc. (FB) and Netflix Inc. (NFLX) .

Twitter was down nearly 9%, Facebook was down 3% and Netflix was down 5.5%.

But those aren't the only high-profile stocks that fell. Alphabet Inc. (GOOGL - Get Report) was down 2% despite posting positive earnings last week. Inc. (AMZN - Get Report) lost almost 3%, and Apple Inc. (AAPL - Get Report) slipped slightly ahead of its earnings report on Tuesday. Microsoft Corp. (MSFT - Get Report) fell more than 2%. Cloud King Adobe (ADBE - Get Report) tanked 5%.

While FAANG may draw in many investors, it seemed to show signs of mortality on Monday. Even Paypal Inc., which was recommended by Tip Ranks as a stock to beat the market, was down over 3%.

Square, which is expected to release earnings on Wednesday, August 1, fell 6%.

The Apple of Your Eye

TheStreet's Eric Jhonsa is prepping everyone for Apple's earnings, which will be released after the bell on Tuesday, July 31. The tech giant is expected to post earnings per share of $2.16, according to FactSet.

That could work in the company's favor as it posts its June quarter earnings report after the close on Tuesday, July 31, and hosts an earnings call at 5 p.m. Eastern. On average, analysts polled by FactSet expect revenue of $61.14 billion (up 15% annually).

For the September quarter, which usually sees new iPhones begin shipping towards its end, the consensus is for revenue of $59.47 billion (up 13%) and EPS of $2.65. Apple provides quarterly sales guidance in its reports.

So, what exactly should investors be on the lookout for? Commentary on China. 

Alright, I'll back up. I know that there have been reports that Apple is a smart cookie and put itself in a solid position before the U.S. and China started exchanging tariff-tipped barbs, but investors should still listen in for any commentary concerning the escalating trade war.

Buybacks are also important. How is Apple gonna use all that cash it saved thanks to the tax reform? Well, only Cook can tell. 

Stay tuned for TheStreet's Apple live blog on Tuesday.

Do Cloud Kings Still Reign Supreme

The tech selloff is affecting cloud service providers, who, for the most part this year, have been outperforming the major indices, according to TheStreet's Tony Owusu.

Market darling Nvidia Corp. (NVDA - Get Report) is also struggling Monday, declining 3% to $244.68. At its year-to-date high six weeks ago, Nvidia was up more than 37% this year. The stock is still up 27% year to date.

Adobe Inc. (ADBE - Get Report) is one of the day's biggest losers, falling 5% to $241.87 in morning trading Monday. The stock is up about 30% year to date.

Autodesk Inc. (ADSK - Get Report) shares are down 3% to $127.15 Monday, but the stock is up 25% year to date. Autodesk has had a more volatile year of trading than its peers, in spite of the significant gains it has made.

Alphabet, Amazon, Microsoft, Apple, Paypal, Nvidia and Facebook are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells FB, AMZN, AAPL, MSFT, PYPL, NVDA or GOOGL? Learn more now.