Nasdaq, S&P 500 responds to Trump rates: Apple, Nike, Nvidia Tank after hours

Edited by Yash Nitish Bajaj Apr 03, 2025 04:08 AM IST Donald Trump’s tariff announcement caused significant after-hours trading reactions on Wednesday. Dow Jones lost 751 points, or 1.8%. S&P 500 futures fell 3% and Nasdaq-100 futures lost 3.8% to hours. Shares of multinational enterprises have been hit. Donald Trump unveiled his tariff plan on Wednesday (AFP), at least 10% rates declared on virtually all goods imported in the United States. He further unveiled a graph outlining revised rates for most of the country’s trading partners. Once the president signed the executive order, Nike lost 7% and Apple’s shares fell 6%. Five below had a hit of 11% and the gap fell 12%. Technical stocks, including Nvidia at 4%, were lower after hours. Elon Musk-led Tesla increased by 5%. Read more: Trump’s tariff card: When will additional rates be applied to countries on the list – Details on technology and semiconductors also have steep losses after -hours, powered by the global implications of the supply chain of rates on countries such as Taiwan (32%) and China. Indian, Japanese and Chinese stocks have also dropped in extended trade. The ishares MSCI India ETF fell about 2.8%, while the ishares MSCI Japan ETF (EWJ) fell 3.2%. The ishares MSCI China ETF (MCHI) rose by about 2.4%. Ralph Lauren dropped more than 5% and Estée Lauder fell 3.5%. “What has been delivered was just as random as anything this administration has done so far, and the level of complication above the ultimate level of new rates is worse than feared and has not yet been priced in the market,” Art Hogan, main market strategist at B Riley Wealth Management, told CNBC. Read more: Trump’s complete tariff list: Which countries are affected and according to how many “when the press conference first started, the president said that rates with a baseline of 10% would generally begin. It was better than expected, and so we saw a futures,” Chris Zaccarelli, chief investment officer of Northlight Asset Management. “But as soon as he got details and started giving examples that were significantly higher than 10%, it was when futures contracts were turned and negative,” Zaccarelli added.