Technology stocks, which lifted the broader stock market last year, have lost their spark, with a less enthusiastic start so far in 2024.
The shares of the so-called “Seven Giants”, or “Magnificent Seven”, which includes the companies “Apple”, “Amazon”, “Alphabet”, “Microsoft”, “Meta”, “Tesla”, and... Nvidia, during the last four trading days, is the longest streak of consecutive losses in a single month, according to the “Bloomberg Magnificent 7 Price Return Index.”
Apple shares, which fell 4.6 percent over the time period, led the decline that wiped out $383 billion in market value. The Nasdaq 100 has also fallen in the past four trading days.
Source (Al-Arabiya.net website, edited)
