The Nasdaq index declined amid concerns about the effects of President Trump's tariff policies on major technology firms, particularly the "Magnificent Seven". Apple, set to report earnings soon, may be altering its production strategy to minimize risks associated with tariffs by shifting to India. Investors will keenly observe the reports from tech giants like Microsoft and Amazon regarding their plans to invest in AI despite economic uncertainties. A mixed bag of quarterly results from these firms reflects the increasing pressure they face, exacerbated by fears of rising consumer prices and supply chain issues due to tariffs.
The Nasdaq index lost ground on Monday as Wall Street scrambled to gauge the toll President Trump's tariff war has taken on the "Magnificent Seven" tech giants.
"The Street is laser focused to hear from Big Tech titans to get a better grasp on the demand and spending patterns abound from enterprises and consumers," Wedbush analyst Dan Ives said.
Apple is reportedly looking to shift most production to India by 2026 to curb China risks amid tariff uncertainties.
Due to their massive valuations, the large-cap tech firms have an outsized impact on the overall market, amid concerns over Trump's tariff policies.
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