On April 3, 2025, the US stock market closed with mixed results. The Dow Jones Industrial Average fell by 0.76%, the S&P 500 declined by 0.54%, while the Nasdaq Composite Index rose by 0.12%.
In the sector performance, the US semiconductor stocks experienced significant declines. NVIDIA fell by 7.77%, Taiwan Semiconductor Manufacturing dropped by 7.64%, and Intel decreased by 2.05%. The US financial technology stocks also saw notable drops, with Goldman Sachs down by 9.21% and Wells Fargo falling by 9.11%.
Apple experienced a significant drop of 9.32% due to the impact of tariffs announced by President Donald Trump. The tariffs are expected to increase hardware costs for Apple and potentially decrease its gross margin. The company's exposure to China means it could be hit harder than other large technology companies.
Microsoft fell by 2.36% after the company decided to pull back on its data center projects in Chicago and Jakarta, indicating a shift in its strategy for future expansion and investment in data centers.
NVIDIA dropped by 7.77% due to the imposition of tariffs on imports to the US and a rare downgrade by HSBC analyst Frank Lee, who expressed concerns about the sustainability of AI spending and Nvidia's pricing power.
Tesla Motors declined by 5.47% amid rumors that Elon Musk may be leaving his role in the Trump administration. Additionally, Truist Securities cut the price target for Tesla from $373.00 to $280.00 per share, suggesting a negative outlook for the company's stock.
Uber fell by 6.24% despite Wells Fargo maintaining an overweight rating and raising the price target from $87.00 to $90.00 per share.
BlackBerry dropped by 7.37% after CIBC World Markets and RBC Capital cut the price target for the company's shares. CIBC World Markets reduced the target from $7.00 to $6.00 per share, while RBC Capital lowered it from $4.00 to $3.75 per share.
Zscaler Inc. fell by 7.16% despite Cantor Fitzgerald raising the price target from $220.00 to $250.00 per share.
Goldman Sachs declined by 9.21% after JP Morgan cut the price target from $625.00 to $614.00 per share, maintaining an overweight rating.
Wells Fargo fell by 9.11% following JP Morgan's decision to cut the price target from $82.00 to $73.50 per share, maintaining a neutral rating.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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