Technology giants took a heavy hit in the premarket session on Thursday as investors reacted sharply to sweeping new tariffs introduced by United States President Donald Trump, sparking fears of a global trade escalation.

As of 7:28 a.m. ET, shares of Apple Inc. plunged 7.24%, continuing the company's slide. Amazon.com Inc. followed closely with a drop of 6.31%, while Nvidia Corporation fell 5.53%, underlining concerns over chip exports. Meta Platforms Inc. also slumped 4.70%, with Alphabet Inc. and Microsoft Corporation retreating 3.03% and 2.70%, respectively.