S&P 500 and Nasdaq 100 declined due to significant drops in Apple, Tesla, and Alphabet stocks affecting the Magnificent 7 ETF.
The S&P 500 and tech-focused Nasdaq 100 experienced a turbulent session on Wednesday as the combined market valuation of the "Magnificent 7" ETF MAGS fell by over $570 billion, with Apple, Tesla, and Alphabet all seeing significant declines. Tesla shares plummeted by over 11% after missing earnings expectations, leading to a 4.9% drop in the Roundhill Magnificent Seven ETF. Despite posting stronger-than-expected numbers, Alphabet also saw a substantial drop due to weaker YouTube advertising revenue. The underwhelming earnings from Tesla and Alphabet have dragged the US stock indexes lower, with the S&P 500 down 1.6% and the Nasdaq composite falling 2.7%.
July 24, 2024
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