The “Magnificent Seven” tech stocks saw a volatile trading session Monday as the Trump administration’s global tariff plan rocked markets for a third day.
The Big Tech stocks started the day by extending last week’s steep losses on the heels of Trump’s April 2 announcement of dramatic reciprocal tariffs on key US trading partners.
Tesla (TSLA) and Nvidia (NVDA) fell as much as 10.5% and 8% early Monday, respectively. Apple (AAPL) stock fell as much as 7.3%, while Amazon (AMZN) dropped 5.6%.
Meta (META) and Microsoft (MSFT) both sank more than 4%, and Google (GOOG) dipped over 3.4%. The declines at one point shaved $647 billion cumulatively from the Mag Seven firms’ market capitalizations.
Read more about Magnificent Seven stock moves and today’s market action.
Nvidia, Meta, Google, and Amazon whipsawed later in the trading session, turning positive. Nvidia led the group higher, up 3.5% at the close Monday.
Trump’s tariff agenda includes a baseline tariff of 10% on all global imports, which went into effect over the weekend, as well as “reciprocal” tariffs set to take effect Wednesday.
The plan would bring the average tariff rate to almost 30% — the highest in more than 100 years — prompting Goldman Sachs to up its probability estimate of a recession to 45% on Monday as stocks tanked across the board.
Read more: What Trump’s tariffs mean for the economy and your wallet
For their part, the Mag Seven Big Tech firms shed $1.8 trillion in value last week following the April 2 announcement.
Apollo chief economist Torsten Sløk said in a blog Monday that the group would be hit harder than the S&P 500 by reciprocal tariffs, pointing to the fact that roughly “50% of earnings in the Magnificent 7 come from abroad.” (Disclosure: Yahoo Finance is owned by Apollo Global Management.)
“That is higher than for the S&P 500, where the share is 41%,” Sløk wrote. “With trade making up a bigger share of GDP in the rest of the world than in the US, the trade war will have a disproportionately more negative impact on the rest of the world.”
“As a result, the Magnificent 7 will be hit harder on their global earnings than other S&P 500 companies. Their earnings could be even more negatively impacted if Europe retaliates in the form of a digital services tax.”
Each company is set to feel its own particular pain points too.
Wedbush’s Dan Ives estimated that some 90% of Apple’s iPhones are made in China, which is set to face 54% tariffs under the new Trump rules. The stock suffered its worst day since March 2020 last week.
