The Magnificent Seven Don’t Look Magnificent Today

Mar 5, 2024 thejournalbiz

The so-called Magnificent Seven stocks dragged the market lower Tuesday.

Investors have become accustomed to the set of big tech names powering the U.S. stock market.

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The so-called Magnificent Seven stocks dragged the market lower Tuesday, via Bloomberg#tesla #amazon #apple #tech #stocks pic.twitter.com/Jv2Y2q3R0g

— The_Journalbiz (@the_journalbiz) March 5, 2024

Bloomberg chart

Not so this week. On Monday every Magnificent Seven name except Nvidia declined. On Tuesday Nvidia joined the rest in trading lower; Tesla led the way downward, off more than 3%.

The Magnificent Seven were recently on pace to lose $240 billion in market value, the largest such one-day decline for the group since Jan. 31, according to Dow Jones Market Data.

All seven stocks have closed lower together only four days this year.

Plenty of other stocks rose Tuesday, with the S&P 500’s energy, consumer staples, financial and utilities sectors all higher in afternoon trading. But the tech heavyweights helped pull the index lower for the day.