Nvidia, AMD to pay 15% of China chip sales revenue to US govt- FT
Investing.com -- U.S. stock futures fell further Friday, adding to the previous session’s sharp losses in the wake of the Trump administration’s sweeping tariffs, which are likely to impact global economic activity.
Here are some of the biggest premarket U.S. stock movers today:
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Alibaba (NYSE:BABA) stock fell 9.6%, PDD Holdings (NASDAQ:PDD) dropped 9%, Baidu (NASDAQ:BIDU) fell 7.4% and JD.com (NASDAQ:JD) slipped 10%, after China announced a 34% tariff on all imports from the United States, retaliating after the U.S. tariff on Chinese goods.
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Companies with large exposure to China suffered badly, with Qualcomm (NASDAQ:QCOM) down 6.1% and Caterpillar (NYSE:CAT) down 6.8%.
- Tesla (NASDAQ:TSLA) stock slipped 6.4% after first-quarter vehicle deliveries fell to their lowest level in nearly three years, a miss that JPMorgan says confirms “unprecedented brand damage” linked to CEO Elon Musk’s role with the Department of Government Efficiency.
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Apple (NASDAQ:AAPL) stock slumped 5.5%, continuing to drop given the iPhone maker’s significant exposure due to its key manufacturing hub in China.
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Bank stocks tumbled as worries of a U.S. economic slowdown grew. Morgan Stanley (NYSE:MS) dropped 6.6%, Goldman Sachs (NYSE:GS) shed 7%, while Citigroup (NYSE:C) fell 6.2% and JPMorgan Chase (NYSE:JPM) slid 6.4%.
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GameStop (NYSE:GME) stock fell 1%, overturning earlier gains after CEO Ryan Cohen disclosed the purchase of 500,000 additional shares of the company, signaling a strong vote of confidence in the video game retailer’s future.
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Stellantis (NYSE:STLA) stock fell 6.9% after the Jeep manufacturer announced the pausing production at two assembly plants in Canada and Mexico as the company attempts to navigate the new round of automotive tariffs.