Tech and semiconductor stocks rose sharply today after three volatile trading sessions in a row, amid optimism about tariff deals between the U.S. and other countries. Earlier, the “Magnificent Seven” of Alphabet, Amazon, Apple, Meta
, Microsoft, Nvidia and Tesla lost $1.8 trillion in market capitalization due to speculation about new trade tariffs on imported goods introduced by the U.S. administration.
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Donald Trump’s sweeping tariff plans have caused a lot of volatility in stocks over the past three trading sessions. But trading volume hit its highest in nearly two decades on April 7, despite the Nasdaq Composite Index posting its worst performance in five years last week. Nvidia led the gains among the Magnificent Seven, up about 7%. Meta, Amazon, Tesla, Apple, and Microsoft all jumped at least 4%. Alphabet rose about 3%.
Semiconductor stocks also rebounded, with the VanEck Semiconductor ETF up more than 5%, building on a more than 2% gain in the previous session. Advanced Micro Devices, Lam Research and Micron Technology were up about 6%.
Broadcom shares jumped 9% after announcing a $10 billion share buyback plan by the end of the year. Marvell Technology also rose more than 9% after announcing the pending sale of its automotive Ethernet unit to Infineon Technologies for $2.5 billion.
While chipmakers were not directly affected by Trump’s recently announced tariffs, they have come under pressure in the past week over concerns that higher duties could reduce demand for their products and slow the nation’s overall economy.
Import duties in the US semiconductor sector are also expected to increase significantly in the future.