Big Tech Is Dragging Down the Stock Market

Big Tech Is Dragging Down the Stock Market

Wall Street shed Big Tech stocks connected Monday, arsenic the Magnificent Seven looked reasonably abysmal amid increasing uncertainty astir the system and planetary trade.

The Nasdaq Composite, which entered correction territory past week, sank 3% successful Monday greeting trading. The S&P 500 fell 1.8% contempt astir fractional of its members trading higher. The Invesco S&P 500 Equal Weight ETF, which counts each banal successful the scale the same, was down conscionable 0.4%. The Dow, which offers little tech vulnerability than the different large indexes, was down 351 points, oregon 0.8%.

All 7 Mag 7 members were down much than 2%; Microsoft, Amazon.com, and Nvidia were down astir 2.4%; Meta Platforms and Apple were down astir 3.5%; Alphabet was down 3.9%; Tesla was the biggest laggard with a 7.8% drop. The Roundhill Magnificent Seven ETF wide was down 3.8%.