The “Magnificent Seven” tech giants, Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Meta (META), Tesla (TSLA), and Nvidia (NVDA), briefly saw a spark of hope on Tuesday. Nvidia jumped 8%, and Tesla surged 7% in early trading yesterday. However, by the end of the session, all seven stocks had reversed course and closed lower, driven by growing fears surrounding the incoming 104% tariff wall on Chinese imports. Since April 2, when President Trump first announced his global tariff plan, the combined losses for the Magnificent Seven have ballooned to an estimated $2.1 trillion.
In particular, Tesla and Apple were hit the hardest, each sinking nearly 5% by Tuesday’s end. Amazon slid 2.6%, Google dropped 1.8%, and both Meta and Nvidia declined over 1%. Even Microsoft, considered a safe haven, dipped slightly below 1%.
Escalating Tariff Tensions Spark Trade War
The tariff bombshell has reignited tensions between Washington and Beijing, pushing both nations closer to a full-blown trade war.
On Tuesday, the White House announced plans to impose a steep 104% tariff on goods imported from China, a sharp increase from the 54% rate initially proposed. The latest move comes in direct response to China’s threat to implement a 34% tariff on all American imports starting April 10. The U.S. tariffs will target not only China but also goods from 184 other trading partners.
The back-and-forth has fueled uncertainty in global markets and signaled a renewed phase of economic confrontation between the world’s two largest economies.
Apple Takes the Sharpest Blow in Trade War Fallout
Apple has taken the sharpest blow among big tech stocks in the recent market drop. Its shares have fallen 23% over the past four trading days, cutting its market value to $2.59 trillion.
The company is stuck in the middle of the growing tariff fight between the U.S. and China. About 90% of iPhones are made in China, putting Apple at risk as both sides raise taxes on each other’s goods. On top of that, Apple also builds products in India, Vietnam, and Thailand, countries now facing new U.S. import taxes as part of the wider trade plan.
Many Wall Street experts say these rising tensions could hurt Apple’s future profits, with higher costs and supply chain issues adding to the pressure.
Which Magnificent Seven Stocks Offer the Most Upside?
Using the TipRanks’ Stock Comparison Tool for Magnificent 7 Stocks, analysts see the greatest upside in NVDA stock forecast, projecting a potential gain of almost 82%. Amazon follows with a forecasted 57% upside. Despite a neutral outlook on Tesla, analysts still expect 36% growth, largely driven by the stock’s recent slump.
