Global markets reacted cautiously Monday as President Donald Trump announced a sweeping increase in fees for new H-1B work visas, imposing $100,000 per year per visa for companies—which could significantly raise labor costs for U.S. tech giants.

In Frankfurt trading, shares of major U.S. technology companies were mixed but generally steady. The so-called “Magnificent Seven” – Apple, Nvidia, Microsoft, Alphabet (Google’s parent), Amazon, Meta Platforms, and Tesla – saw fluctuations ranging from slight declines of about 0.2% to small gains up to 1.1%.

Asia markets, meanwhile, experienced modest gains overall, though India’s major technology sector indices fell sharply amid concerns that the new visa fee will damage the operating model of its IT firms heavily reliant on sending skilled workers to the U.S.

The new policy applies to new H-1B visa applications only, and does not affect renewals or existing visa holders. Still, the announcement triggered confusion and concern in tech sectors globally, especially in India, where many tech companies derive over half their revenue from U.S. operations.

Investors are also keeping a close eye on U.S. interest rate policy. The possibility of additional rate cuts by the Federal Reserve later this year is contributing to mixed sentiment in markets already adjusting to regulatory and immigration shifts.