The so-called Magnificent Seven technology companies that have powered this year’s US stock rally are posting disappointing earnings, wiping about $386 billion off their market value and threatening to push the S&P 500 into a correction.Amazon.com wavered in extended trading after posting results. The remaining two — Apple and Nvidia — are due to report next month.
Yet there’s still plenty of euphoria left. The tech-heavy Nasdaq 100 Index, dominated by the Magnificent Seven, remains up 29% for year, meaning there’s plenty of room for the market to fall.
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