2024-08-05 14:51:54 ET
It's no secret that recent advancements in artificial intelligence (AI) helped drive the current market rally. Since the advent of generative AI early last year, the market has enjoyed the start of a remarkable bull run even as concerns about the broader economy persist.
The combination of a carry trade and a rate hike by the Bank of Japan helped spark a worldwide sell-off that sent the major market indexes plunging. To make matters worse, news from Nvidia -- the poster child for AI, added fuel to the sell-off.
With that as a backdrop, " Magnificent Seven " stock Amazon (NASDAQ: AMZN) slumped 4%, Microsoft (NASDAQ: MSFT) fell 2.8%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOGL) fell 2.2%, and Meta Platforms (NASDAQ: META) slipped 1.8%, as of 1:58 p.m. ET on Monday.
For further details see:
Why Amazon, Microsoft, Meta Platforms, and Other "Magnificent Seven" Stocks Got Caught Up in a Sell-Off on Monday