The roller-coaster week for global stock markets took another sharp turn Thursday, yanking Nvidia (NVDA), Apple (AAPL), Amazon (AMZN), and other Big Tech stocks down with it.

The latest shift erased some of Wednesday’s historic gains, which came after President Donald Trump abruptly announced a 90-day pause on tariff hikes for most countries. Apple stock subsequently recorded its best performance in roughly 27 years.

This pause, however, left out China — which is home to much of Big Tech’s meticulously designed supply chain, including Apple. And by Thursday, markets seemed reluctant overall to trust a policy pivot that arrived without warning — even as fresh inflation data offered some welcome relief. Thus, another bad day unfolded for investors.

With uncertainty at the wheel, Apple slipped about 6.2% as of roughly 12 p.m. E.T., while Amazon dropped about 6%, Nvidia fell 7.4%, Meta (META) plunged 6.8%, Microsoft (MSFT) fell 4.1%, and Tesla (TSLA) bled 10%. The tech-heavy Nasdaq sank dropped 5.2%, while the Dow Jones Industrial Average was down 3.7% and the S&P 500 fell 4.6%.

For Tesla, the plunge came as analysts slashed their price targets for the EV stock in part due to Trump’s tariffs on auto parts. Meanwhile, Amazon cautioned that tariffs will drive up prices, Apple fell as the Trump administration clarified the latest tariffs on China (145%), and Meta declined as the company attempted to downplay a tell-all book by former Facebook public-policy executive Sarah Wynn-Williams.

Other tech losers included Advanced Micro Devices (AMD), which tanked about 10%, Intel (INTC), which took a 9.1% dive, and Palantir (PLTR), which fell 6.2%. Hardly any tech-adjacent stock dodged the carnage, but some of the rare exceptions included U.S.-focused telecom stocks, as well as video game maker Electronic Arts (EA).

—Catherine Baab contributed to this article.

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