Magnificent Seven stocks dumped more than $1.3 trillion in market value in a week. And you can mostly blame one stock for the epic implosion.
Former do-no-wrong AI company Nvidia is the No. 1 culprit. Shares have plunged more than 11% from July 10. That effectively wiped out more than $417.3 billion in shareholders' wealth — or roughly a third — of the Mag 7's dollar-value loss in that time, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge.
All Eyes On Magnificent Seven
It's not surprising that the Magnificent Seven's problems this month are attracting attention. These stocks, many valued at more than $2 trillion, have driven the market higher for months.
And given their massive market values, they dominate major market indexes like the S&P 500. But the momentum is turning the other way. The Roundhill Magnificent Seven ETF is down more than 8% from July 10. All seven stocks are down in varying degrees.
Nvidia is down the most. The tech titan is an IBD Leaderboard stock. Nvidia stock topped a split-adjusted handle buy point at 92.22, and shares gapped up to all-time highs. Nvidia stock also moved above a split-adjusted entry at 97.40.
Meta Loses Most On Percentage Basis
Nvidia is the top loser on a market-value and percentage-change basis. It slightly edged, on a percentage basis, Meta Platforms. Shares of Meta are down 10.8% from July 10. That erased $146.7 billion in market value.
The Facebook and Instagram parent closed slightly below its 50-day moving average on Tuesday and sank further below it Wednesday in heavy volume. That's a sell signal.
Of course, these powerful stocks may simply rally back. But in the meantime, it's helpful to keep score.
Magnificent S&P 500 Pain
Big tech stocks' largest losses since July 10
| Company | Symbol | Change from 7/10 | Market value lost (in billions)* |
|---|---|---|---|
| Nvidia | -12.6% | -$417.3 | |
| Microsoft | -6.2% | -$216.6 | |
| Alphabet | -7.1% | -$175.4 | |
| Amazon.com | -8.3% | -$173.3 | |
| Meta Platforms | -10.8% | -$146.9 | |
| Apple | -3.7% | -$132.9 | |
| Tesla | -9.1% | -$76.7 |
