U.S. President Donald Trump’s adviser Elon Musk reacts on the day of a rally in support of a conservative state Supreme Court candidate of an April 1 election in Green Bay, Wisconsin, U.S. March 30, 2025.
Vincent Alban | Reuters
Technology stocks fell for a third session on Monday, continuing the momentum of last week’s devastating selloff after President Donald Trump stood by his sweeping global tariff plans and global market turmoil intensified.
Tesla led the Magnificent Seven’s losses, dropping 10%. Nvidia fell 7%. Apple, which relinquished more than $533 billion in market value on Thursday and Friday combined and dropped below a $3 trillion market cap, fell more than 6%. Meta Platforms and Amazon slumped more than 3% each, while Microsoft and Alphabet declined more than 1%.
The technology sector is coming off a brutal week. The Magnificent Seven stocks collectively shed more than $1.8 trillion in market value during a two-day market selloff, while the Nasdaq Composite recorded its worst week since the onslaught of the pandemic and entered a bear market.
Trump held firm on his aggressive global tariffs plans over the weekend, with an initial unilateral 10% tariff going into effect Saturday. Wall Street hoped for progress on negotiations between the administration and other countries or news of a possible delay in reciprocal tariffs slated for April 9.
The plan has already received widespread backlash in corporate America. JPMorgan Chase CEO Jamie Dimon said Monday that the new levies will hike prices on domestic and imported goods and pressure the slowing U.S. economy. Many car companies have already announced a pause in shipments, price hikes and other measures. Trade groups have also warned of higher prices at the grocery store and hikes on electronics such as personal computers.
“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump told reporters aboard Air Force One on Sunday night, downplaying the recent market meltdown.
Other technology stocks also looked to build on last week’s pain. Oracle and Salesforce declined more than 3% each, while Palantir Technologies sank more than 6%.
Semiconductor stocks also struggled as investors fretted over potential demand destruction stemming from the tariffs. The VanEck Semiconductor ETF slid nearly 3%. Marvell Technology and Advanced Micro Devices were last down about 3% each. Intel declined more than 2%.
