The "Magnificent 7" Stocks
The seven major technology stocks, known as the Magnificent 7, deepened their losses on Thursday, bringing the market's total losses to approximately $2.7 trillion since the S&P 500 began its correction on February 19, a total of 16 sessions.
Apple shares fell 3.5% during this period, closing at a seven-month low, while Meta shares fell 11% during the same period, recording its lowest daily close since the beginning of the year.
Tesla's stock topped the losers' list, losing more than 12% of its value in the last 16 sessions.
As for the Latest Trading session, Meta lost -4.67% to record $590.64 per share.
Microsoft $378.77 -4.50 (-1.17%)
Alphabet Inc. (GOOG) 164.73 -4.27 (-2.53%)
Nvidia $115.58 -0.16 (-0.14%)
Amazon $193.89 -5.00. (-2.51%)
In the latest episode of Trump's multi-front trade war, the European Union responded to the US's sweeping tariffs on steel and aluminum by imposing a 50% tax on whiskey exports,
which prompted the president to threaten a 200% tariff on European wine and spirits imports.
The Dow Jones Industrial Average fell 1.3%, or 537 points, on Thursday, marking its fourth consecutive daily decline, bringing its losses to 9.3% since its December 4 peak.
The S&P 500 fell 1.4%, closing at its lowest level in nearly six months, confirming its entry into correction territory after losing more than 10% since its February 19 peak.
The Nasdaq Composite Index deepened its losses after closing down 2%, closing at a six-month low. The technology-heavy Nasdaq had confirmed its entry into correction territory since the March 6 session.
In economic data, Thursday's Producer Price Index (PPI) was in line with Wednesday's Consumer Price Index (CPI), showing lower-than-expected readings, confirming that inflation remains on its downward trajectory as it approaches the Federal Reserve's 2% target.
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