The ‘Magnificent Seven’ lose $250 billion in market capitalization on Day One of 2024.
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The seven most valuable companies – a collection of high-growth technology businesses — began 2024 on a shaky note, with their aggregate market worth falling by $250 billion in the first trading session of the year.
Apple Inc. AAPL -3.81% shares Get Free Report saw the greatest drop – more than 4%. In a single session, the Cupertino, California-based corporation lost $116 billion in market capitalization.
The iPhone manufacturer was downgraded from Equalweight to Underweight and the price target was lowered from $161 to $160. Tim Long, an analyst at Barclays, issued a sell call, causing this decline, the worst since early August 2023.
Magnificent Seven’s Fall on the First Day of Opening in 2024
| Name | Market Cap | 1-Day % | Market Cap Loss (1-Day) |
| Apple Inc. | $2,873.45B | -4.04% | $-116.04B |
| Microsoft Corporation | $2,749.90B | -1.61% | $-44.21B |
| NVIDIA Corporation | $1,183.60B | -3.24% | $-38.31B |
| Amazon.com, Inc. | $1,545.45B | -1.57% | $-24.31B |
| Meta Platforms, Inc. | $885.38B | -2.67% | $-23.60B |
| Alphabet Inc. | $1,733.85B | -1.23% | $-21.35B |
| Tesla, Inc. | $785.51B | -0.56% | $-4.36B |
In 2023, the Magnificent Seven staged an incredible rally: Their equal-weighted index outperformed by 110%, hitting new all-time highs.
However, traders appear to have taken a more cautious approach at the start of 2024, particularly following the strong advance in the latter two months of 2023.
The Magnificent Seven were not the only ones affected by the slump. The Invesco QQQ Trust QQQ -1.73% + Free Alerts, which tracks the Nasdaq 100 index, fell 2.2%.
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Fed Cuts and the Dangers of Geopolitics
The market is currently taking a break to consider ongoing economic and geopolitical threats. Prior to today, the market was driven by optimism about expected Fed rate reduction, with a 90% likelihood of a drop as early as March and five more by the end of December.
Tensions in international trade have increased recently, particularly in the Red Sea region. Major shipping lines have been forced to reroute, avoiding the Gulf of Aden and the Suez Canal, due to attacks by Iran-backed Houthi rebels on commercial ships. This has resulted in longer shipping delays and higher shipping prices.
Significantly altering the tech scene, weeks before export restrictions on sophisticated chip manufacturing machinery were set to go into effect, the European chipmaker behemoth ASML Holdings N.V. cooperated with a White House order to stop shipping certain machines to China.
The semiconductor sector, which was already off to a terrible start in 2024, has been affected by this action. The iShares Semiconductor ETF SOXX fell 4% as a result.
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