‘Magnificent Seven’ stocks lose $600 billion in global selloff

A man in a white sweater on the floor of the New York Stock Exchange puts his left hand over his face, pushing his glasses above his eyes. His right hand remains on his mouse amidst a background of many monitors and keyboards. (Credit: Michael M. Santiago—Getty Images)

Big Tech stocks are having another no good, very bad day. After sending the market to record highs in the first half of 2024, megacap tech names have been among the biggest losers in a global selloff that began in earnest last week and continued Monday.  

The “Magnificent Seven”—a movie-inspired moniker that refers to Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—became Wall Street’s hot catchphrase after the group accounted for half of the S&P 500’s total gains last year, according to a report from Morgan Stanley. Shares for all those companies were down at least 3% or more at close Monday, however, with the group losing more then $600 billion in collective market cap.