Earlier on Tuesday, a brief rally in Big Tech stocks—including Nvidia (NVDA), Tesla (TSLA), Meta (META), and Microsoft (MSFT)—fizzled as trade war concerns resurfaced. Nvidia initially surged over 5% on hopes of tariff deal progress under President Donald Trump’s administration but pared gains to just 1.4% by mid-afternoon Eastern Time. Meanwhile, Tesla fell 2%, Apple (AAPL) dropped 3.2%, and Amazon (AMZN) declined 0.8%, reflecting lingering market volatility.
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Treasury Secretary Scott Bessent hinted at potential near-term trade agreements, stating investors could “see a couple of big trading partners do deals very quickly.” However, skepticism persisted, particularly for hardware-reliant firms like Apple, which faces heightened exposure to Chinese tariffs. The company may pivot to exporting more India-made iPhones to the U.S. to mitigate costs, while ad-dependent giants like Meta and chipmaker Nvidia could see delayed but significant impacts from shrinking corporate ad budgets and weaker consumer demand.
Last week’s selloff erased $1.8 trillion from tech stocks, with Apple, Microsoft (MSFT), and Alphabet (GOOGL) nearing one-year lows. Despite Tuesday’s fleeting rebound, the Magnificent 7’s struggles underscore broader market fragility as tariffs threaten supply chains, pricing, and profitability across the sector.
Source: finance.yahoo / Pic: tesla
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