Trump's New Visa Fees Shake Wall Street, Tech Giants React
The opening of Wall Street on Monday appeared bleak, as uncertainty surrounding President Trump's visa policies affected market sentiment. Tech companies faced a dip due to proposed visa fee hikes. However, ongoing Federal Reserve actions and acquisitions like Pfizer's purchase of Metsera provided positive market movements.
Wall Street braced for a challenging start on Monday as the impact of President Donald Trump's visa policies fostered uncertainty. Visa-related fee hikes posed challenges for tech firms, crucially dependent on skilled foreign workers, steering market sentiment into negative territory.
U.S. technology companies faced declines in premarket trading, with key players such as Microsoft and Amazon.com showing a downward trend. The new visa fees led firms to consider financial mitigation strategies, further evidenced by fluctuations in stocks of leading visa sponsors.
While visa concerns loomed, merger and acquisition activities provided market opportunities. Pfizer announced a significant acquisition of Metsera for $7.3 billion, and media circles buzzed with news of Fox Corp's interest in TikTok. Meanwhile, the Federal Reserve's recent interest rate cuts sustained optimism from a prior rally.
(With inputs from agencies.)
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