The stock market experienced a tumultuous week ending April 5, 2025, as investors grappled with the rollout of President Donald Trump’s reciprocal tariffs and escalating global trade tensions. The major indexes—the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite—saw significant volatility, with a mix of gains early in the week followed by sharp declines as tariff-related uncertainties intensified. By Friday, the market had posted its worst day since 2020, reflecting widespread concerns about the economic fallout from a potential global trade war.
The week began with a mixed performance on Monday, March 31, as stocks recovered from an early selloff to close with the S&P 500 and Nasdaq slightly down, while the Dow eked out a small gain. Tuesday saw a rally, with the Dow, S&P 500, and Nasdaq rising 0.6%, 0.7%, and 0.9%, respectively, driven by optimism ahead of Trump’s tariff announcement. However, the mood shifted midweek as stocks plunged in extended trading on Wednesday after Trump unveiled a minimum 10% tariff on nearly all countries, with additional country-specific levies on 60 nations. Thursday’s session marked a steep decline, with the Dow losing nearly 1,700 points, the S&P 500 dropping nearly 5%, and the Nasdaq entering bear market territory by Friday, down 6% for the day and over 20% from its December peak.
Tech giants Tesla, Nvidia, Google (Alphabet), and Amazon, often seen as bellwethers of market sentiment, were hit hard by the tariff turmoil, reflecting their exposure to global supply chains and international markets.
Performance of Key Tech Stocks
-
Tesla (TSLA): Tesla’s stock had a rollercoaster week, emblematic of its volatile year. On Tuesday, shares surged over 5% following reports that CEO Elon Musk might step back from his advisory role in the Trump administration, a move investors hoped would refocus his attention on the company amid slowing EV sales. However, the gains were short-lived. By Friday, Tesla plummeted 10% as China announced a retaliatory 34% levy on all U.S. products, threatening Tesla’s significant market in the region. Year-to-date, Tesla remains down over 32%, with concerns mounting over Musk’s political involvement and competition from Chinese automakers like BYD.
-
Nvidia (NVDA): Nvidia, a leader in AI chipmaking, also faced a challenging week. The stock slipped 1.6% on Friday amid a broader tech selloff, but the real damage came earlier, with a 6% drop on Wednesday as investors anticipated Trump’s auto tariff announcement. By Friday’s close, Nvidia was down 7% for the day, exacerbated by reports of its AI chips reaching China despite export controls, raising regulatory risks. Despite these setbacks, Nvidia’s year-to-date loss stands at around 15.5%, a stark contrast to its massive gains in prior years.
-
Google (Alphabet, GOOGL): Alphabet’s stock saw relatively milder declines compared to its peers, losing 2.7% on Friday as part of the broader market rout. Earlier in the week, it held steady, even gaining 0.2% on Monday. However, the China tariff news hit hard, given Google’s reliance on hardware supply chains and its global ad revenue. Alphabet’s year-to-date performance remains down about 18%, reflecting a cooling of the AI-driven rally that once propelled the “Magnificent Seven” stocks.
-
Amazon (AMZN): Amazon started the week with a 2% gain on Tuesday amid reports of a potential bid for TikTok, but the optimism faded quickly. By Friday, shares dropped 3.5% as tariff fears weighed on its e-commerce and cloud computing businesses, both sensitive to international trade dynamics. Amazon’s exposure to China’s manufacturing base and potential retaliatory measures contributed to the decline. Year-to-date, Amazon is down roughly 10.5%, underperforming its historical resilience.
Three Stocks with the Largest Gains and Losses
The week’s volatility produced stark winners and losers beyond the tech giants:
-
Largest Gains:
-
CoreWeave (CRWV): This Nvidia-backed cloud computing company soared 16.7% on Wednesday, extending a 42% rally from Tuesday. Investors piled in as CoreWeave capitalized on the AI infrastructure boom, shrugging off broader market concerns.
-
Stellantis (STLA): The automaker surged over 9% midweek after the White House granted a one-month tariff delay for USMCA-compliant vehicles, providing temporary relief to the auto sector.
-
Ford Motor (F): Ford gained over 5% on Wednesday, benefiting from the same tariff reprieve, though it later moderated as broader trade war fears resurfaced.
-
-
Largest Losses:
-
Newsmax (NMAX): After a meteoric rise, Newsmax cratered 77% on Wednesday, wiping out $23 billion in market value. The stock’s collapse followed a 2,230% surge in its first two days of trading, highlighting its speculative nature (see below for more details).
-
AppLovin (APP): The adtech firm dropped 10% in after-hours trading on Tuesday and continued to slide, losing 20% over the week, as short-seller reports and tariff concerns battered its AI-driven gains.
-
Rivian Automotive (RIVN): Rivian slid over 5% on Wednesday after reporting a 36% drop in first-quarter deliveries, compounding investor worries about the EV sector’s health amid trade tensions.
-
Newsmax Stock: A Wild Ride
Newsmax (NMAX), the conservative cable news network, made headlines with its dramatic stock market debut this week. After raising $75 million in its IPO on Monday at $10 per share, the stock opened at $14 and skyrocketed to $234 by Tuesday’s close—a 2,230% gain in just two days. Trading volume was astronomical, surpassing even JPMorgan’s, as retail investors on platforms like Stocktwits fueled a meme-stock-like frenzy. The surge briefly valued Newsmax at $28.3 billion, outpacing Fox Corp.
However, the bubble burst on Wednesday, with shares plunging 77% to erase most of the gains. The drop came as retail enthusiasm waned and the stock’s fundamentals—$171 million in 2024 revenue against a $72.2 million loss—failed to justify its earlier valuation. Despite the crash, CEO Christopher Ruddy’s 30.6% stake in Class B shares remains significant, valued at over $9 billion at Tuesday’s peak. The wild ride underscores the speculative fervor surrounding Trump-aligned companies, though analysts warn of risks tied to ongoing defamation lawsuits and economic uncertainty from tariffs. (READ MORE ABOUT NEWSMAX STOCK HERE)
Stock Market Recap
The stock market’s performance this week reflects a market in flux, caught between early optimism and the harsh realities of trade policy shifts. Tesla, Nvidia, Google, and Amazon bore the brunt of tariff-related fears, while speculative plays like Newsmax highlighted the market’s extremes. As investors await further details on retaliatory measures from trading partners like China, the coming weeks promise continued volatility, with the tech sector and tariff-sensitive stocks at the forefront of the storm.
