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3mo ago

Tech Stocks Decline as Markets React to Tariff Uncertainty and Nvidia Earnings Loom

US markets wavered Monday with the Nasdaq dropping 1.2% and Nvidia facing scrutiny over competition and tariffs ahead of its earnings report.

Euro notes are pictured at a bank in this photo illustration taken in Seoul June 18, 2012. REUTERS/Lee Jae-Won/File Photo
A cargo ship full of shipping containers is seen at the port of Oakland as trade tensions escalate over U.S. tariffs, in Oakland, California, U.S., February 3, 2025. REUTERS/Carlos Barria/File Photo
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Overview

  • The Nasdaq Composite fell 1.2% on Monday, led by declines in tech stocks including Nvidia, Microsoft, and Amazon, as investors assessed tariff risks and upcoming earnings.
  • President Donald Trump reaffirmed plans to proceed with tariffs on Mexico and Canada following a one-month delay, raising concerns for businesses and consumers.
  • Nvidia's earnings report on Wednesday is expected to address competition from China's DeepSeek, whose efficient AI models have challenged industry dynamics.
  • Apple announced a $500 billion US investment plan over four years, including a new AI-focused manufacturing facility and 20,000 jobs, potentially to mitigate tariff impacts.
  • The S&P 500 and Dow Jones showed mixed performance, with the S&P 500 down 0.5% and the Dow up 0.5%, supported by gains in defensive stocks and companies like Nike.