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Magnificent 7 wipeout: The market's favorite stocks are getting crushed today
The market's favorite tech stocks keep on losing.
The group known as the Magnificent Seven — considered the most popular high-flying names in the US stock market — slid deeper into the red on Monday. The latest move came as President Donald Trump refused during a TV appearance to rule out a recession .
The tech-heavy Nasdaq 100 fell 4%, moving deeper into correction territory. Meanwhile, the S&P 500 — fresh off its worst week in six months — declined 3%.
Investors have been rattled by uncertainty over Trump's trade policy, with the president's recent tariff moves fueling concerns that the US economy may not be on as strong footing as markets originally thought.
Those worries are exacerbating a sell-off that tech stocks weathered earlier this year after the Chinese startup DeepSeek created an AI model that rivaled ones in the US while using cheaper chips, which sparked concern that the US could be losing its competitive edge in the artificial intelligence space.
Here were the closing moves for the Magnificent 7 stocks on Monday, listed in order of biggest to smallest:
Tesla : -15%
Nvidia : -5.1%
Alphabet : -4.5%
Apple : -4.9%
Meta : -4.4%
Microsoft : -3.3%
Amazon : -2.4%
Read the original article on Business Insider