By Katherine Hamilton
Tesla, Nvidia and Apple saw the biggest gains among the Magnificent 7 stocks following President Trump's announcement that tariffs on most countries would be paused for 90 days.
Tesla gained 16% to $256.91, Nvidia was up 14% to $109.32 and Apple shares rose 12% to $192.54. Amazon.com and Meta both gained 9% to $185.43 and $558.09 respectively. Microsoft advanced 8% and Alphabet 7%.
The seven companies exhibited some of the steepest falls this month. Earlier today, the group of stocks was down 5.5% since the tariffs were announced on April 2, and 24% year-to-date, according to analyst Louis Navellier.
Part of the slide was related to investors reducing the risk in their portfolios, Wedbush analyst Daniel Ives said in a note. The tariffs also raised questions about the future of artificial intelligence, which most of those companies have invested in significantly. A recession or increasing costs for AI aspects such as data centers could have slowed growth in the sector, Ives said.
The companies themselves have different risks from tariffs, some of them still lingering as Trump said Wednesday he won't pause tariffs on Chinese imports and is raising them to 125%. Apple in particular is exposed heavily to China, Ives said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 09, 2025 14:49 ET (18:49 GMT)
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