Technology company stocks saw a significant drop last night after President Donald Trump announced a minimum global import tax of 10% and higher in many countries. This was evident from the closing stock prices since yesterday.
Among the technology stock group, the Magnificent Seven, Apple suffered the biggest decline with a 9.3% decrease. This marks the largest drop since 2020, attributed to concerns over the main production base being in China, where the import tax has increased to 34%.
Meta, Amazon, NVIDIA, Tesla, Microsoft, and Alphabet (Google) also experienced reductions in their stock prices, ranging from 2.4% to 9%. This substantial decrease in these stocks led to a 6% drop in the Nasdaq index, which includes a large number of technology companies, marking the highest decrease in 5 years.
Source: CNBC
TLDR: Technology company stocks experienced a significant decline following President Trump’s announcement of a minimum 10% global import tax, with Apple being the hardest hit among the Magnificent Seven.
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