By Yahoo! Finance | Created at 2025-01-13 11:54:19 | Updated at 2025-01-16 22:15:09
3 days ago
The Magnificent 7 Stocks Tumble. Investors Are Rattled.
Tech was headed for a rough start to the week. Futures tracking the Nasdaq 100 tumbled 1.3% as investors fretted that a combination of sticky inflation and a red-hot labor market will mean the Federal Reserve doesn't have to cut interest rates at all in 2025.
The so-called Magnificent Seven stocks, which have helped power the market's dominant returns the past two years, were feeling the pain. Shares in chip maker Nvidia tumbled 3.3% ahead of Monday's opening bell, while EV manufacturer Tesla dropped 2.8%. Other members of the group fell by about 1% in premarket trading, and Roundhill's Magnificent Seven exchange-traded fund was down 1.5%.
