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Bloomberg reported that the Magnificent Seven technology behemoths suffered their biggest one-day drop since the tariff tantrum in April 2025, with an index of the group falling 4.8% and wiping out $797 billion in market value.
The selloff pushed the S&P 500 down 1.2% and the Nasdaq 100 sank 1.9%. The culprit was earnings from Alphabet and Tesla, which spooked traders and cast doubt on the durability of the AI trade. Alphabet raised its capital spending forecast to as much as
Bloomberg reported that the Magnificent Seven technology behemoths suffered their biggest one-day drop since the tariff tantrum in April 2025, with an index of the group falling 4.8% and wiping out $797 billion in market value.
The selloff pushed the S&P 500 down 1.2% and the Nasdaq 100 sank 1.9%. The culprit was earnings from Alphabet and Tesla, which spooked traders and cast doubt on the durability of the AI trade. Alphabet raised its capital spending forecast to as much as