Check out the companies that make headlines before the bell. Large banks – Bank stocks clashed with growing fears about 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 the National Treasury announced that it would impose a 34% tariff on all US goods starting Thursday, April 10th and a 34% tariff. 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’s stocks Intel and Broadcom each lost 7%, while Nvidia and Qualcomm ran 6%. According to Apple-Evercore ISI estimates, tech stocks fell another 5% in pre-market trading after China announced that China accounts for around 80% of Apple’s production capacity and around 90% of IPHONE accounts 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’s stock fell 5% and caterpillars fell 7%. Casino Stock – Macau casino operators also declined 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 on the 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 countries. Shell – The London-based energy company’s shares fell 5% after Trump’s tariffs pushed oil prices near the lowest since the depths of the coronavirus 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 recommend attending the first exclusive and in-person CNBC Pro live event held at the iconic NYSE on Thursday, June 12th. 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!
