Monday’s premarket session saw notable declines among the top US technology stocks, with Tesla (NASDAQ:TSLA) and Nvidia (NASDAQ:NVDA) heading the sell-off within the so-called Magnificent Seven group.
After a recent rally, investors appeared to take profits from these tech heavyweights, contributing to the downward momentum. Additionally, the mood was dampened by Moody’s recent downgrade of the US credit rating, which has added pressure across the broader market.
Among the Magnificent Seven, Tesla experienced the steepest drop, sliding 4.7%. Nvidia followed with a 3% decrease, while Meta, Amazon, Alphabet, Apple, and Microsoft saw losses ranging from 1.2% to 2.1%.
This correction comes after the group’s strong performance last week, when the equal-weighted index of these companies surged 9.3%—the largest weekly gain since early 2023. That upswing was largely fueled by a wave of AI-related partnerships announced during President Donald Trump’s recent trip to the Middle East.
Meanwhile, Nvidia’s CEO unveiled several new innovations aimed at strengthening the company’s dominance in the competitive AI chip sector, signaling ongoing commitment to technological leadership.
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