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Apple Leads $383 Billion Tech Rout in Reversal From Group’s 2023 Rally

4Jan

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Technology

Apple Leads $383 Billion Tech Rout in Reversal From Group’s 2023 Rally

[ad_1] 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....

Meta Platforms Plummets 25%; Mark Zuckerberg Plea for ‘Patience’ Falls Flat

[ad_1] Meta Platforms Inc. plunged 25% Thursday, its biggest one-day drop since February. Meta Platforms Inc. plunged 25% Thursday, its biggest one-day drop since February, after Chief Executive Officer Mark Zuckerberg asked investors for patience with the social-media giant's swelling investments in unproven bets at an already-challenging time for digital-advertising companies. On a call Wednesday after giving a disappointing revenue outlook, Zuckerberg sought to justify Meta's ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks. Investors, who have already sent the stock down 71% this year, so far aren't buying it. The Facebook parent's market value has collapsed by a whoppin...

Alphabet, Microsoft Lead Bear-Market Earnings Season

[ad_1] Investors are facing a make-or-break week for some of Wall Street’s most influential tech stocks in a historic year for the group marked by a plunge into bear market territory. Investors are facing a make-or-break week for some of Wall Street's most influential tech stocks in a historic year for the group marked by a plunge into bear market territory. The superlatives have followed one after another in 2022's wild ride. Shares of Meta Platforms Inc. have lost 61%, their biggest drop since the company went public a decade ago. Apple Inc., Alphabet Inc., Amazon.com Inc. and Microsoft Corp. are set for their steepest declines since the global financial crisis. Now, these companies are slated to report quarterly results this week with projections showing a profit decline by th...