11:41 AM EDT, 04/07/2025 (MT Newswires) -- Wall Street's major market averages were lower in late-morning trading on Monday, extending last week's declines fueled by US President Donald Trump's tariff policy.

Tesla's (TSLA) troubles have intensified with the imposition of new economic tariffs by the Trump Administration, further adding to softer Q1 delivery expectations driven by brand damage from its political associations, Wedbush said in a note on Sunday, lowering its price target for Tesla to $315 from $550 but maintaining its outperform rating. Tesla shares fell over 5% in recent Monday trading.

Apple's ( AAPL ) overwhelming dependence on China for its supply chain and production makes the tariffs imposed by Trump "a complete disaster" for the iPhone maker, Wedbush said Sunday, cutting its price target on the stock to $250 from $325 while maintaining its outperform rating. Apple ( AAPL ) shares dropped over 6% in recent Monday trading.

US Steel (X) shares jumped past 9% in recent trading after Trump said he wants a new review of Nippon Steel's proposed buyout of the company by the Committee on Foreign Investment in the US to determine "whether any measures proposed by the parties are sufficient to mitigate any national security risks [it previously] identified." US Steel and Nippon Steel did not immediately respond to requests for comment by MT Newswires.

Meta Platforms ( META ) said Saturday it has released the first models from its latest open-source artificial intelligence software Llama 4.

The social media giant said that Llama 4 Scout delivers better results than Gemma 3, Gemini 2.0 Flash-Lite, and Mistral 3.1 across various widely reported benchmarks, while the Llama 4 Maverick model beats GPT-4o and Gemini 2.0 Flash across "a broad range" of benchmarks while achieving comparable results to the new DeepSeek v3 on reasoning and coding at less than half the active parameters.

The leaders of some of the world's top banks held a call on Sunday to discuss the impact of Trump's tariffs on financial markets and the global economy, Sky News reported Monday, citing unnamed sources familiar with the matter.

Those who took part in the call included Bank of America (BAC) Chief Executive Officer Brian Moynihan, Barclays ( JJCTF ) CEO C. S. Venkatakrishnan, and HSBC Holdings ( HSBC ) CEO Georges Elhedery, along with executives from Citigroup ( C ) and JPMorgan Chase (JPM), according to the report. The banks did not immediately respond to MT Newswires' requests for comments.

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