Tech stocks sink after Trump tariff rollout — Apple heads for worst drop in 5 years

CEO of Meta and Facebook Mark Zuckerberg, Lauren Sanchez, Amazon founder Jeff Bezos, Google CEO Sundar Pichai, and Tesla and SpaceX CEO Elon Musk attend the inauguration ceremony before Donald Trump is sworn in as the 47th U.S. president in the U.S. Capitol Rotunda in Washington, Jan. 20, 2025. Other megacaps also felt the pressure. Meta Platforms and Nvidia fell more than 6% each, as well as Tesla and Amazon . Nvidia builds its new chips in Taiwan and relies on Mexico for assembling its artificial intelligence systems. Microsoft and Alphabet both fell about 2%. Apple led the declines among the so-called "Magnificent Seven" group, dropping more than 8%. The iPhone maker makes its devices in China and other Asian countries. The stock is on pace for its steepest drop since 2020. The drop in technology stocks came amid a broader market selloff spurred by fears of a global trade war after Trump unveiled a blanket 10% tariff on all imported goods and a range of higher duties targeting sp ... Read full article.