Technology stocks plummeted Thursday and the Nasdaq Composite dropped 4% on the heels of its record-setting session. The index is headed for its best week since September.

Markets reversed course, giving up some gains from a monster rally after President Donald Trump announced a 90-day pause on some tariffs and dropped the tariff on most countries to 10% to allow negotiations. However, the White House confirmed Thursday to CNBC that the cumulative tariff rate on China would total 145%.

Apple declined 4%, giving back some of its 15% Wednesday gain that pushed the iPhone maker to its best day since January 1998. Tesla dropped and Meta Platforms dropped about 7%, while Amazon and Nvidia declined at least 5% each. Microsoft and Alphabet dipped about 2% and 4%, respectively.

Semiconductor stocks reliant on production and manufacturing outside the U.S. also slumped, with the VanEck Semiconductor ETF shedding 7% after its best session ever. While the sector has been excluded from the recent tariffs, chipmakers have sold off on fears that tariffs will eat away at demand and hurt the economy. Targeted tariffs also remain on the horizon.

On Semiconductor, Marvell Technology and Apple suppliers Qorvo and Skyworks Solutions plunged more than 11% each. Advanced Micro Devices and Intel fell about 8% each, while Micron Technology dropped 10%.