Big tech companies fell in overnight trading ahead of a slate of new tariffs scheduled for this week with Tesla dropping 4%; Nvidia down 2%; Meta, Alphabet, Micrososft were down over 1%.
President Donald Trump said he “couldn’t care less” if automakers raise car prices in response to the planned tariffs on imported vehicles. Trump was asked in an interview with NBC News on Saturday whether he warned foreign automaker chief executives not to raise consumer prices in response to the 25% tariffs he plans to impose on their products.
More volatility is likely this week with Trump due to unveil his so-called reciprocal tariffs on Wednesday, though he’s indicated they could be lenient. The US monthly jobs report and comments by Federal Reserve Chair Jerome Powell are also due.
“Markets will be now be fully at the mercy of an impending deluge of tariff-related headlines, while highly reactive to any US economic data that accelerates the thematic of slower economic activity and higher expected inflation,” said Chris Weston, head of research at Pepperstone Group in Melbourne. “The skew in the distribution of risk is for further lower levels in risky assets early this week, and for higher cross-asset volatility.”
Crypto shares fell in overnight trading as bitcoin fell below $82,000. Strategy fell over 4%; MARA fell nearly 4%; Coinbase, CleanSpark fell about 3%.
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