The technology sector continued to fall for the third session in a row, reflecting last week when global markets reacted sharply to Trump's new tariffs. Tesla led the losses of the Magnificent Seven, down 10%, Nvidia lost 7%, and Apple shares fell by more than 6%. In two days, Apple's market value decreased by $533 billion, and the company's capitalization dropped below $3 trillion. Meta Platforms and Amazon fell by more than 3%, Microsoft and Alphabet by more than 1%. Total stock losses in two days totaled over $1.8 trillion, and the Nasdaq Composite ended the week with its worst result since the start of the pandemic, entering a bear market. The new tariffs have raised concerns in corporate America. The head of JPMorgan Chase, Jamie Dimon, noted that the duties provoke an increase in commodity prices and increase pressure on the US economy. Automakers have temporarily suspended shipments and raised prices, and trade groups have warned of rising prices for products and electronics. The semiconductor sector has also suffered due to concerns of lower demand. The VanEck Semiconductor ETF dropped 3%, shares of Marvell Technology and AMD declined by a similar amount, and Intel lost more than 2%.
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