US stock market futures plummeted sharply early Thursday, led by a deep slide in tech stocks, amid fears of a global trade war and recession. The benchmark S&P 500 futures fell 3.1% to 5,534.25 points, while Dow Jones Industrial Average contracts dropped 2.51% to 41,424 points.
The Nasdaq 100 index was the worst hit, falling 3.45%, largely due to tech companies’ slumping shares. Apple’s stock declined over 7.3% to $207.50, while Amazon’s share price fell 5.5% to $185.01.
Despite semiconductors being exempt from Trump’s tariffs, chipmaker Nvidia saw a 4.26% drop in its stock price. Other tech giants like Google, Meta, and Microsoft also experienced significant losses, with their shares falling 2.43%, 3.5%, and 2%, respectively.
Foreign markets were also severely impacted by the news, with Japan’s Nikkei 225 index dropping 2.77% to 34,735.93 points, while South Korea’s Kospi index fell 0.76%. European markets began the day in red, with the FTSE 100 down 1.34% and the pan-Europe Euro Stoxx 50 falling 2.27%.
The tariffs, which include a 54% levy on Chinese imports and steep rates for Vietnamese and Indian products, have raised concerns about Apple’s supply chain, particularly its manufacturing hubs in Vietnam and India. The impact of these tariffs is expected to be significant, with investors closely monitoring the situation.
This development marks the latest twist in the escalating trade tensions between the US and its trading partners, including China, the EU, and others.
Source: https://www.forbes.com/sites/siladityaray/2025/04/03/apple-leads-premarket-slide-in-tech-stocks-as-trumps-reciprocal-tariffs-trigger-global-selloff