IXIC: Nasdaq Plunges 6% in Worst Day Since the Pandemic. Here Are the Biggest Tech Losers.

Big drops in Apple, Amazon, Meta and Nvidia were behind the historical rout in equities, which didn’t spare anyone out there.

😷 Trip Down Memory Lane: Pandemic Edition

• The Nasdaq Composite index IXIC plummeted 6% on Thursday after Donald Trump’s hostile tariff hikes came as a slap in the face of the world and boomeranged all the way back to topple US equities. It’s not a pretty sight and it’s one of the rare moments where financial journalism should pull up the “VIEWER DISCRETION ADVISED” sign.
• The biggest losers washed out hundreds of billions from their valuations. Apple AAPL, Meta META, and Amazon AMZN led the rout, each losing 9% on the day. Nvidia NVDA gave up 8%. It was the Nasdaq’s worst day since the pandemic hit in March 2020.

🤖 Tech Shares Are First to Go

• Why were tech shares singled out as the day’s worst performers? Markets usually sell off from the top with investors looking to trim stakes in their most profitable holdings. Obviously, Apple is the world’s largest company and so it happens that it ships over 90% of the iPhones from China, which was slapped with a 54% tariff.
• Nvidia, the company that made big-shot hedge fund managers a gazillion dollars, was the first one out the door. Among the Mag 7 members, Microsoft MSFT was the least hurt with a 2.4% slide. In total, the Magnificent Seven lost a record $950 billion. The group is down 23% from its high in December.

💥 Look Across the Board: Sea of Red

• What happened with the Nasdaq’s peers? The S&P 500 index nosedived nearly 5%, wiping out a staggering $2 trillion in market value. The Dow Jones Industrial Average index plunged 1679 points, or 4%.
• With Thursday’s drop factored in, the Nasdaq is less than 2% from moving into a bear market — that’s a drop of 20% from a recent high. The S&P 500 is now 12% under its record and the 30-stock Dow Jones just entered into correction territory, booking a 10% drop from its all-time peak of 45,073 hit in December. What to do in times of big market pullbacks? Don’t panic.