Big Tech Sheds $386 Billion in Value as Earnings Disappoint
- Meta falls Thursday, in the wake of Alphabet and Tesla
- Selloff could push S&P 500 down 10% from its recent high
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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.
Google owner Alphabet Inc., Tesla Inc., Facebook parent Meta Platforms Inc. and Microsoft Corp. have all slumped since reporting, with the latter dragged down in Thursday’s rout.