Wall Street took a big hit on Monday morning, with a number of major tech and media stocks dropping on the first day of trading after President Donald Trump imposed stiff tariffs on Mexican, Canadian and Chinese imports.
Of the 20 biggest publicly traded companies, 19 of them saw their share prices decrease in the first hour of trading Monday. That included Apple, the most valuable company in the world, which saw its share price drop 3.7%; and Microsoft, the second most-valuable company, which dropped 1.5%; while Alphabet, Google’s parent company, and Amazon both dropped about 1.5% as well.
Tesla, Elon Musk’s car company, also took a noticeable hit, dropping 6.9% to $377 per share. And shares of Nvidia, the third most-valuable company in the world, dropped 5% on Monday morning — continuing a recent sell-off that started last week, as the market reacted to the release of China’s DeepSeek AI (The company sells GPUs [Graphics Processing Units] and chips that are the backbone of many AI applications).
Netflix and Meta, the parent company of Instagram and Facebook, were both relatively unscathed, each dropping about 0.7% in the first hour of trading on Monday.
From a macro standpoint, the tech-focused Nasdaq was down 2.3% and the S&P 500 was down 1.8% an hour into trading.
The market sell-off comes after President Trump announced he was “implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China.”
“Previous Administrations failed to fully leverage America’s economic position as a tool to secure our borders against illegal migration and combat the scourge of fentanyl, preferring to let problems fester,” Trump said in his tariffs announcement.
The president is also scheduled to speak with Canadian Prime Minister Justin Trudeau later on Monday.
