U.S. President Donald Trump’s tariff announcements and the countermeasures declared by trade partners dominated the week, hitting Wall Street stocks to mark historic declines.

The S&P 500 index was down 8% for the week, while the Dow Jones Industrial Average declined 7.5% and the tech-focused Nasdaq Composite was down 8%.

Federal Reserve chair Jerome Powell’s warnings did not help matters either, holding off against an immediate rate cut while signaling uncertainty and “downside risks” ahead, and significant impacts from the new tariffs.

Amid the tariff headwinds this week, these were some of the trending stocks:

Tesla (TSLA) shares dropped over 10% on Friday and was down 4% over the course the week as investors digested the soft Q1 deliveries report, which was the lowest quarterly tally since 2022. Deliveries were weighed down by the loss of several weeks of production due to the ramp-up of the New Model according to the automaker. The consumer backlash against CEO Elon Musk’s role in cutting thousands of federal jobs may have also played into the lower deliveries.

CoreWeave (CRWV) shares advanced 25% this week, after a tepid response to last week's initial public offering. Shares closed at $47.82 on Friday, above their offering price of $40 a share.

AAPL (AAPL) shares dropped -13% and the stock was the worst performer among the Magnificent Seven on Thursday, reacting to the new Trump tariffs. The iPhone maker is especially exposed to tariff risks because of its significant China operations. Needham expects Apple's full-year fiscal 2025 EPS estimate to fall by 28% if it does not get a tariff exemption.

GameStop (GME) gained ~11% after the retailer released an SEC filing indicating that CEO Ryan Cohen purchased 500,000 shares in the open market during the day. Cohen bought the shares at a price of $21.55.

Chip stocks - Micron Technology (MU), Nvidia (NVDA), Broadcom (AVGO)  , Microchip Technology (MCHP) had a terrible week, recording declines of 25%, 10.3%, 11% and 24.7%, respectively. Despite Trump’s tariff exemption for semiconductors, economic uncertainty and the likelihood of retaliatory measure by other countries weighed on chip stocks.

Newsmax (NMAX US) +169.14% on its IPO rally, with its market cap touching nearly $30B for a brief period. However, shares of the conservative media outlet already started losing steam by the end of the week, closing Wednesday with a 77.5% decline and Friday down nearly 28%.

US-listed Chinese stocks were battered this week by Trump’s heightened tariffs against China as well as China’s retaliatory 34% tariffs on all imports from the US. Alibaba (BABA) closed the week -10.3%, Baidu (BIDU) -9.6%, PDD (PDD) -12.3%, JD.com (JD) -9.9%, Trip.com (TCOM) -11.9%.

Rocket Companies (RKT) stock jumped nearly 26% as Deutsche Bank and KBW upgraded the lender's stock after it agreed to acquire Mr. Cooper (COOP) in $9.4B all-stock deal earlier this week.

Rocket Companies (NYSE:RKT) stock jumped 15% as Deutsche Bank and KBW upgraded the lender's stock after it agreed to acquire Mr. Cooper (COOP) in $9.4B all-stock deal earlier this week. Deutsche Bank analyst Mark DeVries said the deal provides a “big step toward the ambitious 2027 market share targets laid out last September.”

Medtech stocks were also hit by Trump tariff news, with top names Boston Scientific (BSX), Stryker (SYK) and Medtronic (MDT) down -8.5%, -5.3% and -6.5%, respectively. Tariffs will impact medical devices depending on where the products are manufactured. Other stocks hit were GE HealthCare Technologies (GEHC) - 24.5%, Siemens Healthineers (OTCPK:SMMNY) -10.3%, Outset Medical (OM) -12.1%, Delcath Systems (DCTH) -14.6%.