Apple Leads $383 Billion Tech Rout in Reversal From Group’s 2023 Rally
- Gauge of top seven tech stocks slips for four days in a row
- Decline is the longest in a month for the market-leading group
Shoppers inside an Apple store in Walnut Creek, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The largest technology stocks that lifted the broader market last year are having a less-rosy start to 2024.
The so-called Magnificent Seven, which includes Apple Inc., Amazon.com Inc., Alphabet Inc., Microsoft Corp., Meta Platforms Inc., Tesla Inc. and Nvidia Corp., slipped for the last four trading days, the longest losing streak in a month, according to the Bloomberg Magnificent 7 Price Return Index. Shares of Apple, down 4.6% in the time period, lead the slump that’s erased $383 billion in market value. The Nasdaq 100 Index has also fallen in the last four trading days.