Check out the companies making headlines in front of the bell: Large Banks – Bank stocks have clashed with growing fears about the US economic pullback amid the escalation of the world trade war. Goldman Sachs and Morgan Stanley each lost 6%, while JPMorgan Chase, Citigroup and Wells Fargo ran 5%. China-based ETF-China-based exchange contract funds slipped after announcing that they would impose a 34% tariff on all US goods from April 10th to Friday. This reversed President Donald Trump’s decision to impose an additional 34% obligation on China, raising the country’s effective tariff rate to 54%. Kraneshares CSI China Internet ETF (KWEB) lost 8%, iShares MSCI China ETF (FXI) lost 7%, and Ishares China Large-Cap ETF (MCHI) lost 5%. Semiconductor Stocks – Semiconductor stocks with large-scale exposure to China have also slipped. Marvell Technology stocks, Intel and Broadcom each lost 7%, while Nvidia and Qualcomm ran 6%. According to estimates from Apple – Evercore ISI, tech stocks fell another 5% in pre-market trading after China announced that China accounted for around 80% of Apple’s production capacity and around 90% of IPHONE accounted for around 80% of Apple’s domestically assembled capacity. Deere, Caterpillar – Equipment manufacturers Deere and Caterpillar were also hit after China’s new retaliation measures. Deer stock fell 5% and caterpillars fell 7%. Casino Stock – Macau casino operators also fell on Friday. Las Vegas Sands shares slipped 5%. Wynn Resorts and MGM Resorts International suffered a 4% loss. Boeing – The plane maker fell 6% amid ongoing tariff news. On Friday, China said it would slap 34% of the collection of goods imported from US Boeing exports to China and imported components from the country. Shell – The London-based energy company’s shares fell 5% after Trump’s tariffs slumped oil prices as they plummeted near the lowest since the depths of the Covid-19 pandemic. – CNBC’s Michelle Fox, Yun Lee and Sarah Min contributed the report. Get tickets for Pro Live Join us on the New York Stock Exchange! An uncertain market? Earn Edge with CNBC Pro Live, the first exclusive event on the historic New York Stock Exchange. Access to expert insights is paramount in today’s dynamic financial situation. As a CNBC Pro subscriber, we encourage you to take part in the first exclusive, in-person CNBC Pro live event held at the iconic NYSE on Thursday, June 12th. Join ProSCarter Worte, an interactive pro clinic led by Dan Niles and Dan Ives, along with a special edition of Pro Talks with Tom Lee. You will also get the opportunity to network with CNBC experts, talent and other pro subscribers during exciting cocktail hours on the legendary trading floor. Tickets are limited!
The largest moves in advance of stock markets: AAPL, BA, JPM
