TECH - ETF Winners Amid Last Week's Record Loss in Magnificent 7 | Benzinga
Last week witnessed the largest collective loss for the "Magnificent Seven" technology-related stocks, with a total of $950 billion erased from their market capitalizations, as quoted on MarketWatch. This figure surpasses the previous record loss of $872 billion in January 2022.
High inflation, talks of higher-for-longer interest rates in the United States, flare-ups in geopolitical crisis and receding euphoria about AI investments weighed on risk-on trade sentiments. High-growth stocks were especially marred by a surge in interest rates.
Overall, the S&P 500 lost 3.1%, the Dow Jones advanced 0.01% and the Nasdaq plummeted 5.5%, respectively. The benchmark U.S. treasury yield started the week at 4.63%, hit a closing high of 4.67% on Apr 16 and ended the week at 4.62%.
Individual Performances of Key Players of "Magnificent Seven"
Tesla Inc (NASDAQ: TSLA): Leading the decline in percentage terms, Tesla's stock slumped by 14%, reducing its market cap by $76 billion and losing its ranking among the largest U.S. companies.
Nvidia Corp (NASDAQ: NVDA): Experiencing the most significant absolute loss, Nvidia's market cap plunged nearly $300 billion due to a weekly stock drop of 13.6% and a historical single-day decline of 10% on Apr 19, 2024.
Apple Inc (NASDAQ: AAPL) and Microsoft Corp (NASDAQ: MSFT): Both companies contributed significantly to the overall loss, with Apple shedding $178 billion and Microsoft $169 billion in market value.
Amazon.com (NASDAQ: AMZN): Amazon lost $118 billion in ...