Investors weren’t happy with President Donald Trump’s reciprocal tariffs, sending stocks plunging overseas and in premarket trading. Futures linked to the the S&P 500 pointed to a 3.5% drop at the open on Thursday, with those tied to the Nasdaq 100 projecting a 3.9% fall, and the Dow Jones Industrial Average projected to slide 2.6%, or more than 1,000 points.
For the Magnificent 7, declines in pre-market trading were 7.5% for Apple (AAPL+0.31%), 6.3% for Amazon (AMZN+2.00%), 4.7% for Meta (META-0.35%), 6.1% for Tesla (TSLA+5.33%), 5.7% for Nvidia (NVDA+0.25%), 2.8% for Microsoft (MSFT-0.01%), and 3% for Google’s (GOOGL-0.02%) parent Alphabet.
The import taxes will be applied on a country-by-country basis. Chinese goods, for example, will be hit with a 34% levy, while products from the European Union will be slapped with 20% duties. Mexican and Canadian goods won’t face any additional charges.
“I don’t think a trade war is particularly good for the stock market,” Melisa Brown, head of investment decision research at SimCorp (SIM-1.25%), told Quartz. The tariffs are “not the death knell for the U.S. economy, but could be very harmful for pockets of it.”
Economic data on Thursday include initial jobless claims for the week through March 29, which may have edged up to 228,00 from 224,000 the week before, according to the consensus estimate in FactSet (FDS-1.16%). The numbers are due at 8:30 a.m. EDT. The ISM services purchasing managers index (PMI), at 10 a.m., may have ticked town to 53.0 from 53.5. A reading above 50 indicates expansion.
More stocks to watch today:
Constellation Brands (STZ-1.13%), which makes, imports and distributes alcoholic beverages, is scheduled to report quarterly earnings on Thursday. Revenue and per-share profit may have been little changed from a year earlier. The stock fell 1.2% premarket today.
General Motors (GM+1.52%) stock dropped 2.8% premarket after Trump confirmed that 25% duties on cars, trucks and autoparts will go into place as planned. Stellantis (STLA+1.62%) fell 1.6% and of Ford (F+2.11%) slid 2.3%. Trump had announced the auto tariffs earlier, and refrained from imposing additional tariffs on Canada and Mexico.
Nike’s (NKE+0.31%) stock plunged 9.7% premarket because the shoemaker’s contract factories abroad in countries including Vietnam and China will face much higher tariffs. Apparel maker Lululemon (LULU+1.12%) and Deckers (DECK+4.08%) Outdoor, which makes the Hoka and Teva brands, both fell more than 12% for the same reason.
PDD (PDD-2.55%) stock fell 5.3% before the open. The company’s Temu shopping website will be affected by the end of the de minimis exemption that allows low-value packages to be sent from China duty free.
The post The Magnificent 7, GM, Nike, Lululemon, Deckers, PDD: Stocks to watch today appeared first on Quartz.
