Tech stocks rose the day after Donald Trump’s election win, though Apple could face challenges if the President goes through with his proposed tariffs on China, reports Business Insider (a subscription is required to read the article).
Apple’s stock rose 1.9%. However, that compares to gains of 18% for Tesla, 6.5% for Google, 6.4% for Nvidia, 5.7% for Broadcom, 5.4% for Amazon, 3.4% for Microsoft, 3.4% for Meta, and 2.8% for TSMC.
Investors may be concerned that Trump will impose stricter and broader tariffs on China, where most of Apple’s iPhones are manufactured.
“Apple CEO Tim Cook famously got on very well with Trump and successfully excluded Apple products from Chinese tariffs; a potential blanket tariff, however, which Trump has pledged to implement, would hurt badly,” the tech blogger Ben Thompson wrote this week in his newsletter Stratechery.
As Business Insider notes, Apple’s stock still rallied as the whole market jumped after the Trump victory. However, among the stocks BI looked at, it saw the smallest gains over these two days.
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