Nvidia (NVDA) stock rose as much as 7% early Tuesday, leading the “Magnificent Seven” tech stocks higher as they began to recover from steep losses following the announcement of the Trump administration’s tariff agenda last week.
As of 10:12:14 AM EDT. Market Open.
Meta (META) surged nearly 6%. Tesla (TSLA) rose just over 5%, while Amazon (AMZN) climbed nearly 5%.
Microsoft (MSFT) rose almost 4%, while Google (GOOG) and Apple (AAPL) gained more than 2%.
The group had shed $1.8 trillion in value last week following the April 2 announcement of US President Trump’s two-step global tariff plan. The agenda includes a baseline tariff of 10% on all global imports, which went into effect over the weekend, as well as “reciprocal” tariffs set to take effect Wednesday.
The tariffs would deeply affect Big Tech stocks, many analysts have said, because of their reliance on global supply chains.
For example, 90% of Apple’s iPhones are made in China, many Tesla electric vehicle components are sourced outside the US, and Nvidia products are imported from Mexico and Taiwan. Making matters worse, some 50% of Magnificent Seven firms’ revenue comes from abroad, Apollo chief economist Torsten Sløk said in a blog Monday. (Disclosure: Yahoo Finance is owned by Apollo Global Management.)
But Nvidia AI servers imported from Mexico are exempt from tariffs under the United States-Mexico-Canada agreement, according to Bernstein analyst Stacy Rasgon.
Nvidia’s premarket movement adds to its 3.5% gain Monday following a chaotic trading session that saw the stock drop as much as 8% before reversing direction. Other Magnificent Seven stocks also posted big drops before paring losses or changing course.
Meta, Google, and Amazon also ended Monday in the green. Meta and Amazon rose more than 2%, while Google climbed 1%.
The Mag 7’s recovery Tuesday comes as news of bilateral trade talks with Japan boosted investor hopes that the White House could cut trade deals with other nations.
US stock futures tied to the S&P 500 (ES=F), the tech-heavy Nasdaq 100 (NQ=F), and the Dow Jones Industrial Average (YM=F) all jumped, with Dow futures rising as much as 2.7%.
Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.
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