Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

The market sold off this morning after President Donald Trump announced sweeping tariffs over the weekend to take effect Tuesday. The broader benchmark S&P 500 fell over 1.7%, as of 9:55 a.m. ET. Meanwhile,

Tesla’s stock fell 5% on Monday, the biggest drop for any member of the so-called Magnificent Seven, while Apple shares dropped 3%.

Silicon Valley giants Apple (-3%) and Nvidia (-5%), two of the American multinational companies with the highest proportion of sales in China, faltered, while semiconductor chip players including Broadcom (-3%) and Intel (-3%) suffered as the industry heavily reliant on the global supply chain digested the trade conflict.

President Donald Trump's decision to impose tariffs on goods from China and Canada has resonated widely in the market. According to CNBC, Tesla and Apple recorded drops in their 5% and 3% stock values,