Key points:
- Tech-dense index tumbles
- Mag 7 stocks take a beating
- Trump imposes 25% auto tariff
Not a single tech titan from the Magnificent Seven made it unscathed from the selloff. Futures were up despite Trump’s 25% tariff news on auto.
👀 Nasdaq Slides 2%
- The Nasdaq Composite index IXIC shuffled lower by 2% on Wednesday as traders braced for Donald Trump’s fresh batch of tariff news. Turns out, the news was less scary than the anticipation of it — imported vehicles are getting slapped with a 25% tariff. No exemptions for Canada or Mexico.
- Futures contracts tied to the tech-heavy index were floating in light green (not too much of it). Prior to the news, all reps from the Magnificent Seven stuttered with investors selling off tech shares amid the looming uncertainty.
🤔 Mag 7 Stocks Head Lower
💰 Tariffs to Swell Treasury by $100 Billion
- “What we’re going to be doing is a 25% tariff on all cars not made in the…
