‘Mag Seven’ Get Crushed Before Next Week’s Results: Markets Wrap
- S&P 500 breaks below 5,000 as stocks extend rout from record
- Nvidia shares tumble 10%, leading broader technology selloff
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A selloff in the world’s largest technology companies hit stocks, with Wall Street traders gearing up for a deluge of results from the industry that has powered the bull market.
Equities extended their slide from a record, with the S&P 500 breaking below 5,000 and the Nasdaq 100 falling over 2%. More than half of the “Magnificent Seven” cohort of tech megacaps will report earnings next week — leaving investors wondering whether those firms are going to live up to the high expectations set for artificial intelligence. Just Friday, a pair of AI darlings — Nvidia Corp. and Super Micro Computer Inc. — sank at least 10%.