Numerous tech firms saw their shares tumble during today’s trading session amid a broader sell-off in stocks and cryptocurrency.

The declines chipped away at the gains that public markets logged yesterday. According to a CNBC tally, Wednesday saw the heaviest trading volume on record: an estimated 30 billion shares changed hands before the closing bell. The tech-heavy Nasdaq Composite jumped 12% while the Dow Jones Industrial Average rose more than 8%.

The Wednesday rally came in response to President Donald Trump’s announcement that the U.S. would temporarily lower tariffs on all countries except China. With certain exceptions, duties will remain at 10% for 90 days. Tariffs on imports from China, in turn, are set to increase sharply. 

Stocks started giving up some of the Wednesday gains after today’s opening bell as investors digested the impact of the revised duties. The selloff accelerated after the Trump administration clarified that the tariffs on imports from China will be set at 145%, not 125% as investors previously believed.

Around noon EDT, 2,562 of the stocks on the NYSE were in the red while only 163 were up. The S&P 500, which tracks leading stocks on not only the NYSE but also other exchanges, experienced a similar decline. About 80% of the companies in the index ended the trading day with their share prices down.

Many major tech firms were among the affected stocks. Nvidia Corp. lost nearly 6% of its market cap while Microsoft Corp. closed 2.3% lower than the same time a day earlier. Amazon.com Inc. shares slid 5.1%.

Facebook parent Meta Platforms Inc. experienced one of the biggest declines: its stock is down 6.7%. Investors may be concerned that the tariffs on Chinese imports may increase the company’s data center hardware costs. Meta’s advertising business may also be a factor: the Financial Times reported in February that China-based advertisers account for about 10% of the company’s revenue.

Apple Inc., which makes most iPhones in China, saw its share price drop more than 4% today. Reuters reported today that the company has flown 600 tons of iPhones to the U.S. from India because it “wanted to beat the tariff.” Apple reportedly convinced local officials to reduce the amount of time its devices take to clear customs at a Chennai airport.

Today’s selloff was also felt in the cryptocurrency market. Coinbase Global Inc. shares fell about 6% while the price of Bitcoin is down more than 3%. Other major cryptocurrencies, including Ether and Solana, experienced single-digit declines as well.

During a Cabinet meeting this afternoon, Trump didn’t rule out the possibility of extending the 90-day tariff reprieve. “We’ll have to see what happens at that time,” he said. Treasury Secretary Scott Bessent stated that he expects the administration to be “in a place of great certainty over the next 90 days.”

Photo: Wikipedia