Tesla (NASDAQ:TSLA) and several major tech companies, commonly known as the “Magnificent Seven,” experienced declines in premarket trading on Thursday, signaling a dip in investor confidence following a recent upswing.
U.S. stock futures also moved lower, reflecting a pullback in risk-taking after a strong rally in tech shares last week, which had been driven in part by investment activity surrounding former President Donald Trump’s diplomatic trip to the Middle East.
Futures tied to the S&P 500 dropped roughly 0.6%, while Nasdaq 100 futures were down by about 0.8%. The retreat coincided with remarks made by Trump during a meeting with Apple CEO Tim Cook in Qatar, where he voiced concerns about Apple’s increased manufacturing presence in India. Trump indicated he expects Apple to shift more production back to the United States following their discussion.
Tesla led the losses among top tech names with a 3.2% drop. Other notable decliners included Nvidia (NASDAQ:NVDA), down 2.3%, Meta Platforms (NASDAQ:META) with a 1.7% slide, and both Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL), which each fell 1.4%. Apple (NASDAQ:AAPL) dipped 1.3%, and Microsoft (NASDAQ:MSFT) edged lower by 0.6%.
The overall movement marks a collective step back for the “Magnificent Seven,” a group that has driven much of the market’s growth in recent years, highlighting a possible shift in investor sentiment.