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Both Apple and NVIDIA saw strong gains early Tuesday morning but have seen their stocks slide throughout trading on Tuesday.
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10:40 pm
A late night check-in doesn’t provide much joy as the Nasdaq is trading another 100 points down in after-hours trading. Obviously, a single quote from administration officials tomorrow morning could change this sentiment. We’re living through one of the most volatile markets in memory.
3:22 pm
The Nasdaq fell from 15,533 to 15,201 in less than 30 minutes, but the selling seems to have moderated.
Among major indexes, the Russell 2000 is performing the worst today and is now down 3.1%
3:17 pm
Apple is now down 5% today. The company’s stock is down 22% across the last five days.
3:15 pm
The Nasdaq is dropping further with every passing tick. The index has dropped 200 points in the past 15 minutes and is now down 2.25% for the day.
Could we see a massive sell-off into the close?
3:09 pm
Markets are crashing into the close. The Nasdaq Composite is now down 1.77% after being up 4.6% earlier today.
That’s a 6.4% intraday crash.
2:35 pm
Today, White House Press Secretary Leavitt said Donald Trump believes the U.S. has the capability to build iPhones.
Wall Street attempts to quantify how much an American iPhone would cost to make have varied, but Dan Ives estimated an American-produced iPhone could cost up to $3,500.
The Nasdaq Composite saw gains as high as 4.6% in early trading on Tuesday. Those gains are now gone, with the Nasdaq Composite down .32% as of 2:15 p.m. ET.
NVIDIA (Nasdaq: NVDA) was an early leader this morning, with early gains beyond 7%. It’s still outperforming the Nasdaq Composite, but its gains have fallen back to 2% in afternoon trading.
On the other end of the spectrum, Apple (Nasdaq: AAPL) is down 2.4%. Let’s look at some of the major market headlines today.
NVIDIA and Semiconductor Stocks Rebound
NVIDIA and other semiconductor stocks saw some of the strongest performance early on Tuesday. Partially, that outperformance is due to how bad they’ve performed this year.
Coming into today, NVIDIA was the second-worst-performing stock in the Dow Jones Industrial Average this year. When relief rallies happen during bear markets, the most beaten-down stocks often perform the best.
Another source of optimism in the space was Broadcom (Nasdaq: AVGO) announcing a $10 billion share buyback plan. That buyback demonstrates the company’s confidence shares are cheap after protracted selling.
Apple Rises and Then Falls
In early trading Apple shares rose sharply, hitting nearly $190 per share. However, as the day has worn on, Apple shares have fallen dramatically. They’re now down 2.6%, to $176 per share.
Why is Apple being punished more than other Magnificent 7 stocks? One of the big headlines today is the White House’s confirmation that 104% tariffs against China take effect at midnight. There have been reports that Apple is attempting to fly as much inventory out of China as possible before these tariffs hit.
A large cargo plane like a 747 can carry up to 200,000 iPhones, so if Apple was trying to build two quarters of inventory, that could require up to 200 planes flying across the Pacific Ocean. We’ll have to wait for Apple’s next conference call to see how much inventory might have built up in America to beat tonight’s tariff deadline.
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