Apple Leads $383 Billion Tech Rout in Reversal From Group’s 2023 Rally
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The largest technology stocks that lifted the broader market last year are having a less-rosy start to 2024. The so-called Magnificent Seven, which includes Apple Inc., Amazon.com Inc., Alphabet Inc., Microsoft Corp., Meta Platforms Inc., Tesla Inc. and Nvidia Corp., slipped for the last four trading days, the longest losing streak in a month, according to the Bloomberg Magnificent 7 Price Return Index. Shares of Apple, down 4.6% in the time period, lead the slump that's erased $383 billion in market value. The Nasdaq 100 Index has also fallen in the last four trading days. “We don't know if last year's rally has fully ended, but it is completely normal to expect markets will pull back after a rally like we saw,” said Steve Sosnick, chief strategist at Interactive Brokers Group....