The Nasdaq Composite saw gains as high as 4.6% in early trading on Tuesday. Those gains are now gone, with the Nasdaq Composite down .32% as of 2:15 p.m. ET. 

NVIDIA (Nasdaq: NVDA) was an early leader this morning, with early gains beyond 7%. It’s still outperforming the Nasdaq Composite, but its gains have fallen back to 2% in afternoon trading. 

On the other end of the spectrum, Apple (Nasdaq: AAPL) is down 2.4%. Let’s look at some of the major market headlines today. 

NVIDIA and Semiconductor Stocks Rebound

NVIDIA and other semiconductor stocks saw some of the strongest performance early on Tuesday. Partially, that outperformance is due to how bad they’ve performed this year. 

Coming into today, NVIDIA was the second-worst-performing stock in the Dow Jones Industrial Average this year. When relief rallies happen during bear markets, the most beaten-down stocks often perform the best. 

Another source of optimism in the space was Broadcom (Nasdaq: AVGO) announcing a $10 billion share buyback plan. That buyback demonstrates the company’s confidence shares are cheap after protracted selling. 

Apple Rises and Then Falls 

In early trading Apple shares rose sharply, hitting nearly $190 per share. However, as the day has worn on, Apple shares have fallen dramatically. They’re now down 2.6%, to $176 per share. 

Why is Apple being punished more than other Magnificent 7 stocks? One of the big headlines today is the White House’s confirmation that 104% tariffs against China take effect at midnight. There have been reports that Apple is attempting to fly as much inventory out of China as possible before these tariffs hit. 

A large cargo plane like a 747 can carry up to 200,000 iPhones, so if Apple was trying to build two quarters of inventory, that could require up to 200 planes flying across the Pacific Ocean. We’ll have to wait for Apple’s next conference call to see how much inventory might have built up in America to beat tonight’s tariff deadline. 

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