Stocks making the biggest moves premarket: AAPL, BA, JPM
Check out the companies making headlines before the bell. Big banks — Bank stocks took a hit over increasing fears of a U.S. economic pullback amid an escalating global trade war. Goldman Sachs and Morgan Stanley each lost 6%, while JPMorgan Chase , Citigroup and Wells Fargo shed 5%. China-based ETFs — China-based exchange-traded funds slid after the nation’s finance ministry announced on Friday that it will impose a 34% tariff on all U.S. goods starting Thursday, April 10. This comes on the back of President Donald Trump’s decision to impose an additional 34% duty on China — bringing the country’s effective tariff rate to 54%. The KraneShares CSI China Internet ETF (KWEB) slipped 8%, the iShares MSCI China ETF (FXI) shed 7% and the iShares China Large-Cap ETF (MCHI) lost 5%. Semiconductor stocks — Semiconductor stocks with large exposure to China also slipped. Shares of Marvell Technology , Intel and Broadcom each lost 7%, while Nvidia and Qualcomm shed 6%. Apple — The tech stock tumbled another 5% in premarket trading after China announced retaliatory tariffs against the U.S. China accounts for around 80% of Apple’s production capacity with about 90% of iPhones assembled in the country, according to estimates from Evercore ISI. Deere , Caterpillar — Equipment manufacturers Deere and Caterpillar also took a hit after China’s new retaliatory measures. Shares of Deere shed 5%, while Caterpillar tumbled 7%. Casino stocks — Casino operators in Macao also declined on Friday. Shares of Las Vegas Sands slipped 5%. Wynn Resorts and MGM Resorts International followed with 4% losses. Boeing — The airplane maker tumbled 6% amid ongoing tariff news. On Friday, China said it would slap a 34% levy on goods imported from the U.S. Boeing exports to China and imports components from the country. Shell — Shares of the London-based energy company dropped 5% after Trump’s tariffs sent oil prices plunging to their lowest close since the depths of the coronavirus pandemic. — CNBC’s Michelle Fox, Yun Li and Sarah Min contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
