Shares in Nvidia (NVDA) were down by almost 6% in pre-market trading amid news that its share price could plummet even further as Donald Trump ramps up tariffs on China to 145% and Beijing retaliates with 125% levies.
The trade war has raised concerns over potential cost increases for Nvidia, whose products are deeply embedded in global supply chains. While the impact on final pricing remains uncertain, analysts are divided over whether the company will absorb the additional costs or pass them on to consumers — a move that could dampen demand and hit the share price.
Despite the mounting pressure, Morgan Stanley’s Joseph Moore remains bullish. The analyst reaffirmed his ‘overweight’ rating and maintained a $162 price target.
Read more: FTSE 100 LIVE: Stocks fall as China's Xi calls on EU for support against 'bullying'
“We think sustained AI spend and Nvidia’s relative supply chain flexibility will help them outperform, even in a higher tariff environment,” Moore wrote in a note on Thursday.
In a March 2025 company statement CEO Jensen Huang sought to downplay the potential fallout. He said: “Tariffs will have a little impact for us short term. Long term, we’re going to have manufacturing onshore.”
NasdaqGS - Nasdaq Real Time Price • USD As of 2:48:33 PM EDT. Market Open.
Tesla (TSLA) shares continued their slide in pre-market trading on Friday, down nearly 2% after a sharp 7.3% decline in the previous session, as UBS lowered its price target on the electric vehicle maker, citing growing concerns over its energy business in China.
UBS analysts cut their target from $225 to $190, warning that the ongoing trade tensions between the US and China — exacerbated by Trump’s tariff hikes — are disrupting Tesla’s supply chain. While Tesla assembles most vehicles in the countries where they are sold, many components and materials still cross borders, making the company vulnerable to retaliatory trade measures.
The bank flagged Tesla’s China-based energy division — one of the few outperformers in its latest earnings report — as a key risk. “The escalating trade war could weigh heavily on this segment,” UBS wrote, noting that its newly revised price target may be lowered further depending on the company’s next quarterly performance.
Adding to investor unease, Tesla’s China operation has reportedly stopped accepting new orders for its two premium models, the Model S and Model X. Both vehicles are manufactured in the US, requiring Chinese buyers to import them — a process now complicated by extended delivery times and increased exposure to tariff fluctuations.
Shipping the Model S and Model X from overseas could take up to eight months for Chinese buyers.
NasdaqGS - Nasdaq Real Time Price • USD As of 2:48:33 PM EDT. Market Open.
Ford (F) shares edged 0.5% lower in pre-market trading on Friday, extending a near 4% decline from the previous session, as analysts and industry groups warned that Trump’s 25% tariff on imported vehicles and parts could cost US automakers as much as $108bn.
The warning follows a study by the Center for Automotive Research, which estimated that Detroit’s Big Three — Ford, General Motors (GM), and Stellantis (STLA) — could face increased costs of $42bn under the proposed tariff regime. The report projected that tariffs would add an average of nearly $5,000 in costs per domestically assembled vehicle and around $8,600 per imported vehicle.
The impact on Ford has prompted a wave of analyst downgrades. Goldman Sachs (GS) cut the stock from “buy” to “neutral” and lowered its price target to $9, citing disappointing share price performance since the stock was added to its buy list last September — a period during which it has fallen 10%.
Goldman noted that it had been “too positive” on the name and said Ford had “the opportunity to optimise its industrial footprint to offset the negative effect of the introduction of tariffs,” but has yet to demonstrate meaningful progress.
Read more: What should investors do after Trump's tariff U-turn?
Earlier this week, Bernstein also downgraded Ford, moving its rating from “market perform” to “underperform” and slashing its price target from $9.40 to $7. The brokerage warned that the combination of new US auto tariffs and weakening consumer sentiment poses a significant risk to Ford’s earnings and free cash flow over the next two years.
NYSE - Nasdaq Real Time Price • USD As of 2:48:34 PM EDT. Market Open.
Intel (INTC) shares were down by almost 2% in pre-market trading on Friday, following a steep 7% decline in the previous session, as investors digested reports alleging that new chief executive Lip-Bu Tan holds extensive business ties to Chinese tech companies — including several with reported links to China’s military.
A Reuters investigation, based on reviews of Chinese and US corporate filings, found that Tan controls more than 40 Chinese companies and funds, and holds minority stakes in over 600 others through investment firms he owns or manages. In numerous cases, Tan is reported to share ownership with Chinese government entities.
Although sources close to Intel say Tan has divested from his Chinese ventures, Reuters noted that public business records in China continue to list his investments, and documentation of his exits has not surfaced. The majority of the investments were made through Tan’s venture capital firm, Walden International.
While no legal violations have been reported — US firms are permitted to invest in Chinese companies unless explicitly restricted by the Treasury Department — the political and strategic sensitivities are raising eyebrows in Washington and Silicon Valley alike.
"The simple fact is that Tan is unqualified to serve as the head of any company competing against China, let alone one with actual intelligence and national security ramifications like Intel and its tremendous legacy connections to all areas of America’s intelligence and the defence ecosystem," Andrew King, a partner at venture capital firm Bastille Ventures, told Reuters.
NasdaqGS - Nasdaq Real Time Price • USD As of 2:48:33 PM EDT. Market Open.
Shares in BP (BP.L) fell just over 2% on Friday after the energy group warned that first-quarter production would decline compared with the previous quarter, with asset sales in Egypt and Trinidad and weaker gas output offsetting gains in oil.
The oil major said it expects earnings from its oil production and operations segment to be broadly flat quarter-on-quarter, citing pricing lags in key regions such as the Gulf of Mexico and the UAE.
While pricing in its gas and low-carbon energy division is forecast to remain largely unchanged, BP flagged continued softness in its gas marketing and trading operations — a key area of concern as the company looks to navigate a broader shift toward cleaner energy.
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The company also said it expects net debt to rise to around $4bn, driven by seasonal inventory builds and the timing of payments including annual bonuses and expenses linked to low-carbon asset sales.
One relative bright spot is refining, where stronger margins are projected to contribute between $100m and $300m to first-quarter earnings. Oil trading, by contrast, is expected to be broadly flat.
BP is scheduled to report full first-quarter results on 29 April.
Other companies in the news on Friday 11 April:
Bank of New York Mellon (BK)
BlackRock (BLK)
Wells Fargo & Co (WFC)
Morgan Stanley (MS)
Fastenal (FAST)
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