The stock market in the United States last night saw a significant drop in the share prices of major technology companies, also known as the “Magnificent Seven”, causing the Nasdaq index to plummet by 4% and close at 17,468.32 points. The share prices of the Magnificent Seven companies decreased as follows: NVIDIA by 5%, Alphabet by 4.4%, Meta by 4.4%, Apple by 4.9%, Microsoft by 3.3%, Amazon by 2.4%, and Tesla by a staggering 15.4%.
Analysts attribute this sharp decline in stock prices, especially within the technology sector, to concerns over the economy in recent months and various government policies such as tax hikes and budget cuts.
Source: CNBC Image: Pixabay
TLDR: The US stock market experienced a notable drop in tech stock prices, with the Nasdaq index decreasing by 4%, influenced by economic worries and government policies.
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