What’s News in Markets: Nike Tariff Turmoil, The Not-So-Magnificent Seven, Newsmax’s Wild Debut
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Hey, listeners. It's Saturday, April 5th. I'm Crystal Herf with The Wall Street Journal. And this is What's News in Markets, our look at the biggest stock moves of the week and the news that drove them. Let's get to it. Well, it looks like April is already shaping up to be a tough month for Wall Street.

Some of investors' worst fears came true on Wednesday when President Trump announced sweeping tariffs. Stocks saw a steep sell-off on Thursday, their worst day since 2020. And things only got worse on Friday after China said it is matching the new 34% tariff on all goods imported from the U.S. The Dow fell more than 2,000 points. Now, investors are worried that Trump's trade policies could break the economy's resilient streak and send it into a recession.

Dan Ives of Wedbush Securities told me that he spent the week on dozens of calls with clients playing a dual role, part analyst, part therapist.

The week was a market rout. The Nasdaq fell into a bear market with a 20% decline from its peak. The U.S. stock market shed $6.6 trillion in two sessions, the biggest two-day pullback on record. The three major indexes all notched their worst week since 2020. The S&P 500 dropped 9.1%, the Dow fell 7.9%, and the Nasdaq tumbled 10%.

First up, let's talk about Nike, the patron saint of sneakerheads everywhere. Nike gets the majority of its goods from countries that were hit with steep tariffs under Trump's plan. That includes a 46% levy on goods from Vietnam, 32% on Indonesia, and 34% on China.

Nike is among American companies that moved production to Vietnam and other parts of Asia after Trump's China tariffs during his first term. This new blitz of tariffs across the globe has caught some of these companies flat-footed, which means they likely won't be able to avoid the impact of tariffs. That set Nike shares down 14% Thursday.

On Friday, however, Nike shares bounced back. Somewhat. Trump said he talked over the phone with Vietnam leader Tho Lam, who wants to cut Vietnam's tariffs to zero. Some traders are taking that as a sign that negotiations are on the table. Still, the stock ended the week 9.5% lower.

The Magnificent Seven aren't looking so magnificent anymore. This group of tech stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—have been at the forefront of the artificial intelligence craze and helped power the stock market to dozens of highs over the past two years. Now, with Trump's tariffs ripping through markets and uncertainty looming over the AI boom, those stocks are looking worse for wear. So how would tariffs affect tech?

Companies with international supply chains like Apple and Amazon could face big cost increases. And Meta's ad business could take a hit if companies slashed their advertising budgets.

According to Dow Jones market data, the seven tech stocks collectively lost about $1.5 trillion in market cap this week, their largest weekly decline ever. For the year, the biggest losers in that group are Tesla, whose shares have lost 41% in 2025, Nvidia, which is 30% lower, and Apple, down 25%.

There's a hot new stock that is causing a stir on Wall Street. Newsmax, the conservative TV outlet, made its stock market debut on Monday with a $75 million IPO. That means the shares sold at $10 apiece. Trading so far has been volatile. Shares surged more than 700% at one point during Monday's session. The stock notched double-digit percentage declines or gains every trading day since.

The company closed Friday at $45 a share. On Tuesday, shares had closed at $233. Talk about a wild ride. And now you know what's news in markets this week. Today's show was produced by Zoe Culkin and Pierre Bien-Aimé with supervising producer Tali Arbel. I'm Crystal He. Have a great weekend.