Technology stocks fell for a second day Friday as retaliatory tariffs from China fueled fears of a global trade war.
Tesla and Nvidia led the losses, plunging more than 9% and 7%, respectively, after slumping more than 5% during Thursday’s session. Apple lost 5%, bringing its week-to-date drop to more than 11%. The company is under pressure as new tariffs target some of its secondary manufacturing locations outside China.
Meta Platforms lost 4%, while Amazon, Alphabet and Microsoft dipped more than 1% each. Oracle dropped 5%, and AppLovin and Palantir Technologies tanked 15% and 11%, respectively. Salesforce declined more than 4%.
The losses come on the heels of Thursday’s broad market sell-off. President Donald Trump’s sweeping tariff policy, which included a 10% base tariff on all U.S. imports, has fueled widespread market panic and worries that the U.S. economy could plunge into a recession.
The Nasdaq registered its worst session since 2020 on Thursday, while the collective “Magnificent Seven” group shed more than $1 trillion in combined market value. Apple also recorded it worst one-day drop in five years.
Semiconductor stocks reliant on production outside the U.S. plummeted for a second session on Friday. While the sector has been excluded from the recent round of tariffs, new levies are in the works. Fears have also mounted that widespread tariffs could eat away at demand.
The VanEck Semiconductor ETF tracking the sector plunged 7%. Marvell Technology was the most significant decliner, sinking 11%. Lam Research, Qorvo, Advanced Micro Devices and Intel fell more than 7%. Micron Technology dropped 12% on Friday, and the memory chipmaker has lost about a quarter of its value week to date.
The Nasdaq Composite is tracking for its worst week since 2020.