Stocks Rocked by Late-Week Swoon in Tech Giants: Markets Wrap
- ‘Magnificent Seven’ slide after rally of over 70% in 2024
- S&P 500 trims this week’s advance amid anemic volume
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A selloff in the world’s largest technology companies hit stocks in the final stretch of a stellar year.
In another session of slim trading volume — which tends to amplify moves — the S&P 500 lost 1.1% and the Nasdaq 100 slipped 1.4%. While every major industry succumbed to Friday’s slide, tech megacaps bore the brunt of the selling. That’s after a torrid surge that saw the group dubbed “Magnificent Seven” account for more than half of the US equity benchmark’s gains in 2024.