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On March 24, 2025, Elon Musk, the CEO of SpaceX, was present at a cabinet meeting convened by U.S. President Donald Trump at the White House.
As the financial markets adjusted, technology stocks experienced declines for a consecutive day, growing concerns over the potential onset of a global trade conflict fueled by China’s retaliatory tariffs.
Tesla and Nvidia were particularly hard hit, suffering losses exceeding 9% and 7%, respectively, following a significant drop of more than 5% the previous day. Similarly, Apple’s stock fell by 5%, accumulating a total week-to-date decrease exceeding 11%, particularly pressured by new tariffs affecting some of its secondary manufacturing sites located outside China.
In addition, Meta Platforms experienced a loss of 4%, while major players like Amazon, Alphabet, and Microsoft saw their stocks dip over 1% each. Oracle faced a 5% drop, and AppLovin and Palantir Technologies fell dramatically by 15% and 11%, respectively. Salesforce’s shares also declined by more than 4%.
These losses followed a broad market sell-off that occurred on Thursday, prompted by President Trump’s expansive tariff policy, which imposed a 10% tariff on all U.S. imports. This triggering event has led to market turmoil and raised alarm about the possibility of a recession in the U.S. economy.
The Nasdaq Composite experienced its most significant downturn since 2020, with the so-called “Magnificent Seven” tech stocks collectively shedding over $1 trillion in market value. Apple also faced its sharpest decline in five years.
Stocks in the semiconductor sector, which are heavily reliant on production outside of the United States, continued to decline on Friday. Although this sector has been excluded from the latest round of tariffs, impending levies have raised fear of diminishing demand due to widespread tariff implications.
The VanEck Semiconductor ETF, which tracks this sector, fell by 7%. Marvell Technology emerged as the largest loser, with an 11% decline. Other companies, including Lam Research, Qorvo, Advanced Micro Devices, and Intel, also experienced drops of more than 7%. Micron Technology faced the steepest loss at 12% on Friday, marking a week-to-date decrease of about 25% in its stock value.
As the week draws to a close, the Nasdaq Composite is poised to reflect its worst performance since 2020.
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