The so-called “Magnificent Seven” megacap technology stocks that have powered practically all of this year’s rally in the S&P 500 have seen more than $1.2 trillion in value evaporate since stocks peaked at the end of July.
According to an analysis by Dow Jones Market Data, the group of the most valuable U.S. companies by market capitalization has shed $1.24 trillion in market capitalization since July 31, the day the S&P 500 logged its year-to-date closing high of 4,588.96. The group of seven companies includes Google parent Alphabet Inc.’s Class A GOOGL, -0.40% and Class C GOOG, -0.31% shares, along with shares of Amazon.com Inc. AMZN, +6.50%, Facebook parent Meta Platforms Inc. META, +2.58%, Tesla Inc. TSLA, +0.34%, Microsoft Corp. MSFT, +0.33%, Apple Inc. AAPL, +0.40% and artificial-intelligence darling Nvidia Corp. NVDA, -0.12%
Of these companies, Apple Inc. has seen the biggest decline in its market value, having lost $480.7 billion during this period, followed by Tesla Inc., which has shed $194.7 billion. Most of Tesla’s decline followed the electric carmarker’s disastrous earnings report from last week.By comparison, this same group of stocks shed $4.7 trillion in value during the 2022 stock-market rout as some members, including Tesla and Meta, experienced drawdowns of more than 60%, according to FactSet data.
To be sure, as a group, the Magnificent Seven are still sitting on strong gains year-to-date, and have gained more than $3.3 trillion market value, according to Dow Jones data. In aggregate, they’re still up roughly 50% year-to-date, according to FactSet.But the group of stocks traded higher on Friday after earnings from Amazon sent shares of the e-commerce giant nearly 7% higher, helping to lift most of its megacap peers.
Colombia Últimas Noticias, Colombia Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Fuente: Cointelegraph - 🏆 562. / 51 Leer más »
Fuente: CNBC - 🏆 12. / 72 Leer más »