U.S. Technology Stocks Plummet Amid Tariff Fallout and Downgraded Market Projections
Tech stocks face sharp declines due to new tariffs announced by Trump, with analysts revising S&P 500 targets lower amid fears of economic repercussions.
The company had already been reeling from crashing sales worldwide amid backlash to Musk’s increased political involvement in far-right causes, protests at Tesla showrooms, and yet another embarrassing recall last month.
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The lower forecasts come after Trump's Wednesday action raising U.S. tariffs on imported goods spurred a steep global market sell-off and sparked retaliation by overseas trading partners.
Wells Fargo and RBC cut S&P 500 targets as Trump tariffs roil stock market
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More than a decade of aggressively pursuing cross-border commerce has transformed Amazon into a largely brandless store full of discount goods, which were often cheaper than their similarly imported, but branded, alternatives sold elsewhere.
How Trump’s Tariffs Might Help Amazon — and Hurt Its Customers
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Tesla's first-quarter vehicle deliveries were far below estimates, confirming "unprecedented brand damage" due to car-buyer backlash against Elon Musk.
Stock Movers: Tesla, Nvidia, Wayfair
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Even a surprisingly strong March jobs report, released Friday morning, did little to stanch the bleeding.
Dow sheds 2,200 points as markets endure another day of tariff chaos
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Summary
U.S. tech stocks suffered steep losses due to President Trump's new tariffs, with the S&P 500 down over 8% this week. Major firms like Tesla and Apple reported significant declines, impacting investor sentiment. RBC cut its year-end S&P 500 target to 5,550, while Wells Fargo lowered its estimate to 6,000. The S&P has now entered correction territory, with fears of further downside as Wall Street anticipates weaker earnings and increased inflation. Tariffs are expected to impact spending and profit margins, adding to the concern over a potential economic slowdown.
Perspectives
Technology stocks, particularly the major firms like Tesla, Nvidia, and Apple, have seen significant declines due to newly imposed tariffs by the Trump administration, leading to fears of a broader economic downturn.
The tariffs are expected to disproportionately affect companies that rely heavily on international supply chains, particularly in the semiconductor and tech sectors, resulting in increased costs and reduced profits for businesses and potentially higher prices for consumers.
Despite some claims of economic resilience, the reality of a possible recession looms as markets react negatively to continuing uncertainties surrounding trade policies and global economic relations.
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