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The market’s highest-performing tech stocks, the Magnificent 7, mostly slid on Monday amid worries over President Donald Trump’s tariffs.
Tesla (TSLA+1.13%) was down 4.8% at 11:30 a.m., while Nvidia (NVDA+0.54%) was off 4.1%, Amazon (AMZN-1.08%) was 3% lower, Meta (META-1.69%) fell 2.1% Microsoft (MSFT+0.24%) dropped 2.5%, and Alphabet (GOOGL+1.23%) was down by 1.1%. Apple (AAPL+2.21%) stock was the outlier among the Mag 7, rising 0.6%.
The Nasdaq Composite and S&P 500 indexes fell 1.5% and 0.5%, respectively, and the Dow Jones Industrial Average reversed earlier losses to rise about 88 points, or 0.2%.
The Trump administration is expected to announce new tariffs on Wednesday that could include his so-called reciprocal tariff plan. The White House is currently debating over implementing individualized tariffs on trading partners, or an across-the-board tariff impacting all U.S. trade, the Wall Street Journal (NWSA+0.71%) reported, citing unidentified people familiar with the matter.
The president reportedly wants more aggression on tariffs, and has asked his team for plans to impose higher rates of tariffs on more countries, according to the Wall Street Journal. One plan reportedly involves tariffs of up to 20% on mostly all of the country’s trading partners. Trump has also reportedly pushed for import taxes on goods from countries that the U.S. has a trade deficit with.
The Trump administration may also introduce industry-specific tariffs, including those that would impact critical minerals and related products, on Wednesday, but that’s not yet certain.
Meanwhile, Goldman Sachs (GS+1.93%) economists bumped their forecast of the odds of a recession over the next 12 months to 35% from 20%.
The increase “reflects our lower growth baseline, the sharp recent deterioration in household and business confidence, and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies,” the economists wrote in a note.