Top Stock Movers Now: Apple, Target, Lamb Weston, and More
U.S. equities are experiencing significant declines at midday, primarily driven by the Trump administration’s newly announced reciprocal tariffs. The Dow Jones Industrial Average, S&P 500, and Nasdaq are all in the red, with major stocks feeling the brunt of the impact.
Apple (AAPL) led the downturn, sinking after President Trump imposed a 34% import tax on China, adding to previously announced levies. Apple, which manufactures approximately 90% of its hardware in China, is notably vulnerable to these tariffs.
Retailers, including Target (TGT), also saw their shares tumble as concerns mount that the increased tariffs could squeeze profit margins unless prices are raised across the board. Acuity (AYI) shares also dropped after its second-quarter revenue and profits fell short of analysts' expectations.
On the other hand, Lamb Weston (LW) emerged as one of the few bright spots in the market, with the frozen potato company exceeding quarterly earnings estimates. Similarly, grocery chain Kroger (KR) saw its stock rise, benefiting from a surge in consumer staples investments.
Meanwhile, global markets reacted to the tariffs with oil futures falling, the 10-year Treasury yield dropping, and gold futures experiencing a decline. The U.S. dollar weakened against the euro, pound, and yen, while major cryptocurrencies also saw declines.
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