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Tech stocks plunge following Trump tariff launch – Apple Stock faces biggest decline in 5 years.
Key Points
- Technology stocks dropped overnight Thursday as President Donald Trump proposed a flurry of foreign tariffs and a baseline 10% charge.
- Apple stock led the falls among the so-called “Magnificent Seven” group, plummeting more than 8%.
- The tariffs come on the heels of a difficult quarter for the tech-heavy Nasdaq and the weakest stretch for the index since 2022.
Technology stocks plunged Thursday as President Donald Trump’s announced trade proposals prompted widespread market concern.
Apple stock led the falls among the so-called “Magnificent Seven” group, plummeting more than 8%. The iPhone manufacturer builds its products in China and other Asian nations. The stock is on course for its sharpest loss since 2020.
The tech-heavy Nasdaq Composite plummeted more than 5% and headed for its lowest session in more than five years. The index is down 14% year to date.
Other megacaps also felt the pinch. Meta Platforms and Amazon sank almost 7% apiece, while Nvidia and Tesla slumped more than 4%. Nvidia develops its latest processors in Taiwan and depends on Mexico for assembling its artificial intelligence systems. Microsoft and Alphabet both lost 1% and 3%, respectively.
Semiconductor companies also felt the pinch, with Arm Holdings , Marvell Technology , Broadcom and Lam Research plunging more than 8% apiece. Micron Technology plummeted more than 14%, while Advanced Micro Devices lost more than 6% Personal computer manufacturers Dell and HP sank more than 13% apiece.
The slide in technology businesses happened amid a bigger market selloff fuelled by concerns of a global trade war as Trump suggested a blanket 10% tax on all imported items and a range of higher tariffs targeting particular countries after the bell Wednesday. He stated the new tariffs would be a “declaration of economic independence” for the U.S.
Companies and governments worldwide have already begun responding to the wide-sweeping policy, which includes a 34% tariff on China placed atop a preceding 20% tax, a 46% penalty on Vietnam and a 20% charge on imports from the European Union.
China’s Ministry of Commerce ordered the U.S. to “immediately cancel” the unilateral tax measures and warned it would take “resolute counter-measures.”
The tariffs come on the heels of a rough quarter for the tech-heavy Nasdaq and the lowest stretch for the index since 2022. Stocks across the board have been under pressure over fears of a worse U.S. economy.
Trump applauded select megacap technology businesses for bringing money into the U.S. during his presentation, drawing attention to Apple’s commitment to spend $500 billion over the next four years.
Analysts predict Trump’s broad tariffs to have an outsized effect on Apple stock. How worried should investors be?
Apple (AAPL) plummeted more than 8% out of the gate on Thursday, April 2, as President Donald Trump issued hefty retaliatory tariffs after Wednesday’s closure.
This is just the latest round of technical issues the once-high-flier has suffered lately, with shares of AAPL down more than 17% for the year to date.
Trump tariffs provide a huge headwind for Apple shares
Apple’s pricing problems this year have come despite wider risk-off sentiment from investors. Concerns about declining iPhone sales and consumer demand didn’t help things.
These anxieties are being reinforced with the newest Trump tariff announcement. “Both the magnitude of ‘reciprocal’ tariffs imposed per country and the set of countries they were imposed on were larger than many had reasonably anticipated,” adds UBS Global Research analyst Bhanu Baweja.
And the 10% universal tariffs “is an added shock,” Baweja argues. This, he argues, has the potential to “considerably worsen” both local and global economic development in the year ahead.
Additionally, Apple depends “on extensive international manufacturing, with the large majority of finished goods sold into the US assembled in SE Asian nations,” which makes it one of the worst-positioned to absorb the tariffs, writes Morgan Stanley analyst Erik Woodring.
Woodring predicts that Apple might face an extra tariff cost of more than $38 billion yearly, which works out to nearly 26% of EBIT (earnings before interest and taxes) for fiscal 2026.
He adds that the “heightened uncertainty” would also likely extend sales processes.
CFRA Research analyst Angelo Zino said he is waiting for further information from both Apple’s management and the Trump government on possible future moves.
Still, Zino dropped his price objective on AAPL shares to $235 from $270, adding that he anticipates “downside to both margins and profitability if the reciprocal tariffs remain. We also see danger that China and others might react, targeting technology firms like AAPL.”
Despite Wall Street’s misgivings, most experts remain in Apple’s camp. Of the 45 analysts that follow AAPL stock monitored by S&P Global Market Intelligence, 21 think it’s a Strong Buy, seven name it a Buy, 13 put it at Hold and four say it’s a Sell or Strong Sell.
This works out to a unanimous Buy recommendation, but with somewhat less certainty than at the start of the year.
What should investors do about Apple stock?
Ups and downs are part of being engaged in the stock market and investors who have hung on to their Apple shares over the long term have come out on top.
Even though Apple is one of the weakest Dow Jones companies so far this year, shares have had a yearly total return (price movement + dividends) of 30.4% over the last five years. The S&P 500, however, has delivered an average yearly total return of 19.4% during the same time span.
Remember that the aim is to purchase cheap. Stocks are cheaper now than they were yesterday. They may become cheaper tomorrow, but the long-term trend has always been up and to the right. That’s why dollar-cost averaging works for investors.
And, as CFRA’s Zino reminds us, Apple is better-positioned than other hardware competitors in terms of free cash flow and balance sheet strength and its booming Services division should help cushion downside for now.
In Apple’s most recently reported quarter, its Services sector accounted for 21% of overall revenue.
People Also Ask:
Why is Apple stock falling?
Among megacap technology, Apple (AAPL) shares plummeted over 7% over fears about disruption to its supply chain. China, the supplier of major iPhone components, was slammed with new US tariffs that lifted its total rate to 54%. Nvidia (NVDA) and other semiconductor companies also plummeted because to similar fears.
Is Apple a good stock to purchase right now?
Apple has 14.68% upside future potential based on the analysts’ average price goal. Apple has a consensus rating of Moderate Buy which is based on 17 buy recommendations, 11 hold ratings and 4 sell ratings. The average price objective for Apple is $249.88.
Apple stock price on etoro?
Sell or keep Apple lots of Apple stock?
I’m 40. I have around $1.1 million in net worth, but what concerns me is that I have a little more than $100,000 in Apple stock, which I have had for a long time, and at the time I paid about 60% of what it is now worth, so my question is whether I should sell all of that Apple stock and move it to an indexed fund or keep it there for I don’t know how long.
It’s worth noting that my net worth is primarily invested in indexed funds, I rent (I’m not in the US, so rent is relatively cheap, and I’m a citizen, so taxes apply), and I don’t intend on retiring or selling anything for at least five more years.
So the issue is, do I retain it and forget about it, or do I sell it and purchase index funds with the proceeds, and when?
I have 730k in VOO, with 480 in brokerage and 250 in retirement rollover, 235 in fxaix for current employer retirement, and roughly 70k in cash that I want to transfer into VOO later since I lack creativity.
