In this week’s ‘Tariff Edition’ of the Week in Charts, we track the impact of Donald Trump’s sweeping tariff announcements on the Big Tech, ad tech, TV and agency markets.
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“Magnificent Seven” Loses $1.8 Trillion in Two-Day Sell-Off
Donald Trump’s sweeping tariffs and their reciprocal rates have wiped $5.4 trillion from the US stock market, with Big Tech hit particularly hard by the impact on global trade. The “Magnificent Seven” stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla) shed more than $1.8 trillion during a two-day market sell-off, while the tech-heavy Nasdaq recorded its worst week since the Covid-19 pandemic.
Agency Stocks Sink as Ad Market Forecasts Shrink
The major agency groups were equally affected, with Dentsu particularly struck by Trump’s 24 percent tariff on Japan. But the US holding companies were also hit by the announcements, leading to 14 percent drops for IPG and Omnicom. The declines come weeks after ad forecasts from Madison and Wall, WARC, and IPG’s MAGNA all lowered their global growth projections for 2025 in anticipation of tariffs.
Ad Tech Stocks See Double-Digit Declines
The ad tech sector was also hit by the sell-offs, with the tariffs expected to depress advertising and cause delays in AI trade and adoption. Shares in Magnite and Criteo plunged by 19 and 17 percent respectively, alongside steep declines for IAS (-15 percent), DoubleVerify (-11 percent) and LiveRamp (-8 percent).
US TV Stocks Decline as Upfronts Begin
The effects of the tariff announcements were further felt in the US TV industry, with steep declines for Warner Bros Discovery (-25 percent), Disney (-16 percent), Comcast (-9 percent) and Paramount (-9 percent). The changes come at the start of Upfronts season, which are expected to be destabilised by rising ad prices and advertiser uncertainty.
European TV Feels the Heat
The European TV market was also hit by Trump’s policies that included 20 percent tariffs on the EU. The news sent RTL’s stock price down 8 percent, while rival German broadcaster ProSieben has lost 15 percent of its market value in the last week.
The Week in Stocks
Agencies
Every stock tracked by VideoWeek fell over the past week, with all the agencies seeing double-digit declines.
TV
Roku’s share price plummeted 19 percent, following a 10 percent decline the previous week.
Publishers
Thomson Reuters has lost more than $4 billion in market value in the last week.
Ad Tech
Shares in The Trade Desk are down 15 percent, giving the ad tech stock its lowest market cap since 2022.
Tech
Apple stock led the Big Tech declines, pulling the Nasdaq into a bear market.
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