Updated 1 month ago
Magnificent 7 Stocks Shed $653 Billion in Market Cap Today
The bigger they are, the harder the Magnificent Seven will fall.
The group of megacap technology stocks collectively shed $653 billion in market cap on Monday, according to Dow Jones Market Data. That was the group's largest one-day decline since a $744 billion decline from July 24.
Of the seven, Nvidia was down the most at 6.4% or $167 billion in market cap. Apple stock was down 4.8%, while Alphabet was down 4.5%. Tesla was down 4.2%. Amazon.com shares were down 4.1%, while Microsoft was down 3.3%. Meta Platforms held up the best of the group with a decline of 2.5%.
The Magnificent Seven got their name for the staggering gains the group of major tech firms delivered to the stock market in the past couple years, even when other parts of the market were struggling. The latest wave of Big Tech earnings reports disappointed, though, which didn't provide much of a cushion from the latest flow of broader recession fears hitting equity markets.
