Big Tech Falters: Magnificent 7 Sheds Over $1 Trillion As Apple, Nvidia Stocks Head To Worst Days Since 2020

Category: Finance

Global stock markets experienced a significant decline, with major American technology companies suffering substantial losses. The Dow Jones fell 2.8%, the S&P 500 dropped over 4%, and the Nasdaq Composite plummeted 6.2%. The 'magnificent seven' tech firms lost a combined $1.2 trillion in market value, driven by fears of an economic slowdown, a weak labor market, and concerns over rising AI-related costs. The S&P remains up 8% year-to-date despite the selloff.

Keywords: Stock Market, Technology Companies, Economic Decline

Source: Forbes

Update At: 8/6/2024

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