The stock market kicked off the trading week in a bloodbath, erasing last week’s gains, with all major indices posting heavy losses following President Donald Trump’s imposition of additional 10-percent tariffs on China, and the resumption of 25-percent taxes on Mexico and Canada.
The tech-heavy Nasdaq posted the biggest losses, down 2.64 percent, followed by the S&P at 1.76 percent and the Dow Jones at 1.48 percent.
According to Trump, there was no room left for Mexico and Canada, and his 25-percent tariff for the two countries “will start.” He also signed an additional 10 percent tariff on goods from China.
The overall sentiment spilled into the performance of 10 companies, which on Monday lost as high as double digits.
To come up with Monday’s top losers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A person with stock market data on a laptop. Photo by Anna Nekrashevich on Pexels
10. Archer Aviation Inc. (NYSE:ACHR)
Archer Aviation fell by 11.26 percent on Monday to close at $7.88 apiece as investors resorted to profit-taking following Friday’s gains buoyed by its earlier announcement that it would deliver its first revenue-generating Midnight aircraft later this year.
According to the company, it launched a comprehensive “Launch Edition” commercialization program for its Midnight aircraft to establish a pragmatic and repeatable playbook to deploy Midnight commercially in dozens of early adopter markets. It said that Abu Dhabi Aviation (ADA) would be its first customer for Midnight.
In its latest earnings release, ACHR said its net loss widened by 17 percent last year to $536.8 million from $457.9 million in 2023, while net loss expanded by 82 percent in the fourth quarter at $198.1 million from $109.1 million in the same period a year earlier.
Looking ahead, ACHR said it would begin producing 10 Midnight aircraft at its ARC facility in Covington, Georgia, this year to support its ongoing certification-related testing programs and deployments with key partners.
9. Oklo Inc. (NYSE:OKLO)
Oklo Inc. dropped its share prices by 12.01 percent on Monday to end at $29.38 each as investor sentiment was dampened by the US’ imposition of 25-percent tariffs on Mexico and Canada.
In particular, OKLO was hit over concerns on the status of uranium imports, with Canada being US’ largest uranium supplier, delivering 27 percent of its total supply.
Uranium is used to fuel nuclear companies’ reactors and plants.
Meanwhile, Canada promised that it would retaliate with its own tariff package against US products, triggering further tensions between the two economies.
In other news, analysts are generally bullish on OKLO given the bright prospects from the booming Artificial Intelligence industry that continues to spill over other sectors, including nuclear, as well as the US government’s plan to support the energy sector to power the country’s economy.
OKLO is set to release its financial results for 2024 on Monday, March 24, where investors will be watching out for its outlook guidance for the business.