Big Tech Is Dragging Down the Stock Market

Big Tech Is Dragging Down the Stock Market

Wall Street shed Big Tech stocks on Monday, as the Magnificent Seven looked fairly abysmal amid growing uncertainty about the economy and global trade.

The Nasdaq Composite, which entered correction territory last week, sank 3% in Monday morning trading. The S&P 500 fell 1.8% despite roughly half of its members trading higher. The Invesco S&P 500 Equal Weight ETF, which counts every stock in the index the same, was down just 0.4%. The Dow, which offers lower tech exposure than the other major indexes, was down 351 points, or 0.8%.

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