Magnificent Seven ETF on Track to Close in Correction Territory

Magnificent Seven ETF on Track to Close in Correction Territory

The Magnificent Seven looked downright dreadful on Tuesday.

All seven members of the group were falling. Tesla, down 8%, was on track to close with a market cap below $1 trillion for the first time since Nov. 14. Meta Platforms, Amazon.com, and Nvidia were all down more than 3%. Alphabet was down 2.1%. Microsoft was down 1.2%. Apple was the brightest of the bunch, down just 0.4%.

The Roundhill Magnificent Seven ETF, which offers exposure to the group of megacap stocks, was down 12.1% from its Dec. 17 high, meaning it's on track to close in correction territory for the first time since July, according to Dow Jones Market Data.