Tech Stocks Under Pressure After Trump Sets Prohibitive Work Visa Fees

Barry Adams
22 Sep, 2025
New York City

Benchmark indexes in New York edged down, and gold soared to a new record high on Monday.

The S&P 500 index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 0.2%, following the advance in three consecutive previous weeks.

The Federal Reserve delivered a widely anticipated 25 basis-point rate cut and signaled possible additional rate cuts before the year's end. 

The Fed's move was widely anticipated amid growing signs of a slowing labor market driven by reverse immigration and Trump's tariff whiplash. 

Farmers on the West Coast are struggling to find workers to pick harvest following the ICE crackdown, and corn and soybean crop growers in the Midwest are worried about the loss of their largest export market, China. 

Farmers in the past have voiced their strong opposition to any kind of government handout to other sectors of the economy, but they are now demanding a government bailout to the tune of $25 billion.

Moreover, most of the soybean, corn, and wheat production ends up in export markets, led by demand from China. 

This week, U.S. investors are awaiting housing market updates, durable goods orders, personal income and spending data, and comments from various Federal Reserve officials.

August's sales of new homes are expected to hover near an annual rate of 650,000 and existing homes at 4 million, respectively. 

The PCE price index, the Fed's preferred measure of inflation, is expected to show contained but resurgent inflation closer to an annual rate of 3%.

Durable goods orders are expected to decrease by 0.4%, the third consecutive month of decline. 

On the earnings front, investors are looking forward to the release of quarterly results from AutoZone, Accenture, BlackBerry, CarMax, Costco, KB Home, Jabil Inc., MillerKnoll, THOR Industries, and Raymond James Financial.

 

U.S. Stock Movers 

Kenvue Inc. decreased 4.7% to $17.49 after a report by The Washington Post suggested that the Trump administration is likely to announce that the Tylenol use among pregnant women is possibly linked to autism.

Pfizer Inc. increased 1.7% to $24.44, and the pharmaceutical company announced it would acquire weight-loss drugmaker Metsera Inc. for $4.9 billion in cash. 

Metsera soared 60% to $53.45 in Monday's trading. 

India-based tech services companies fell sharply after the U.S. president imposed a one-time fee of $100,000 on the H-1B visa, threatening to undermine the global competitiveness of U.S. technology companies.

Infosys Ltd. decreased 3.4% to $16.90, Wipro Ltd. dropped 2.1% to $2.74, and Cognizant Technology Solutions Corp. dropped 3% to $64.25.

Compass Inc. dropped 10.4% to $8.40, and the company agreed to merge with Anywhere Real Estate Inc. in a $10 billion combination of 34,000 real estate agents. 

Anywhere Real Estate soared 59% to $11.49 in New York trading. 

Oracle Corp. decreased 0.6% to $306.82, and the company announced leadership changes.

The software company appointed Clay Magouyrk and Mike Sicilia as Chief Executive Officers, with current CEO Safra Catz transitioning to Executive Vice Chair of the company’s Board of Directors.