Technology stocks experienced volatile trading on Monday as President Donald Trump reaffirmed his commitment to global tariff plans following a significant market selloff last week. Key tech stocks, including Nvidia, Apple, Meta Platforms, Amazon, Microsoft, and Alphabet, saw declines after a brief rally. Earlier speculation about a possible delay in tariffs led to a temporary market jump, but the White House dismissed any pause in the plans.
The technology sector faced a challenging week, with the Magnificent Seven stocks collectively losing over $1.8 trillion in market value during a two-day selloff. The Nasdaq Composite recorded its worst performance since the pandemic began, entering a bear market. Trump maintained his stance on tariffs over the weekend, with an initial 10% tariff taking effect. Wall Street hoped for progress in negotiations or a delay in reciprocal tariffs scheduled for April 9.
Corporate America has criticized the tariffs, with JPMorgan Chase CEO Jamie Dimon warning of increased prices on domestic and imported goods, pressuring the slowing U.S. economy. Car companies have paused shipments and raised prices, while trade groups have warned of higher costs for groceries and electronics. Trump downplayed the market turmoil, stating that sometimes tough measures are necessary. Other tech stocks, such as Oracle and Palantir Technologies, also declined, and semiconductor stocks struggled due to concerns about demand destruction.
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