Technology stocks plummeted following President Trump’s global tariff announcement. Apple, a major tech player, witnessed an over 8% nosedive, its sharpest drop since 2020. The company manufactures its devices primarily in China and Asia. This decline was part of a broader market downturn triggered by Trump’s 10% blanket tariff and increased duties on specific countries.
Major tech companies, including Meta Platforms, Amazon, NVIDIA, Tesla, Microsoft, and Alphabet, all faced the impact of Trump’s tariffs. Meta Platforms and Amazon shares dropped by over 7%, while NVIDIA and Tesla saw a decline of over 5% due to heavy reliance on Asia for manufacturing. Microsoft and Alphabet experienced a 2% decrease.
In the semiconductor sector, stocks of companies like Marvell Technology, Arm Holdings, and Micron Technology dropped by more than 8%. Broadcom, Lam Research, and Advanced Micro Devices fell 6% or more. ServiceNow and Fortinet also saw their shares decline by over 5%.
Following Trump’s announcement, global countries and companies are reacting. China demands the cancellation of unilateral tariff measures by the US and warns of counter-measures. The new tariffs impact NASDAQ, reflecting the index’s recent challenges. On Thursday, NASDAQ Composite dropped by nearly 5%, totaling a year-to-date loss of 13%.
The Dollar and equity markets dropped sharply due to Trump’s tariff news, with the Dollar seeing its largest daily decline in ten years. Oil prices fell by around 4.5%, and gold reached a record high of $3,167.84 per ounce.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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