After making gains earlier in the session, shares of technology giants plunged on the news that US president Donald Trump plans to impose additional tariffs on China.
The White House confirmed it plans to add another 50% tariff on Chinese goods, bringing the total tariff rate to 104%.
The tariff rate will go into effect at 12.01am Eastern Time.
Chipmaker Nvidia Corp (NASDAQ:NVDA, ETR:NVD), which had led the gains for the Magnificent 7 earlier in the session, traded down 1.9% on Tuesday afternoon.
Tesla Inc (NASDAQ:TSLA) and Apple Inc (NASDAQ:AAPL, ETR:APC), both of which are heavily exposed to the US-China tariff conflict, fell 4.6% and 5.1%, respectively.
Amazon.com Inc (NASDAQ:AMZN) was down 2.7%, Google owner Alphabet Inc (NASDAQ:GOOG) fell 1.7%, Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) was down 1.4% and Microsoft Corp (NASDAQ:MSFT) shed 0.8%.
This follows a significant $1.8 trillion market capitalization loss across the group last week due to new tariffs announced by the Trump administration.
- Updated with new tariffs, share price movement -