The Magnificent Seven stocks, including major tech companies like Alphabet and Amazon, have fallen significantly following the announcement of new tariffs by the Trump administration, with each stock down at least 20%. This downturn has led investors to question the sustainability of high valuations amidst rising economic uncertainty. Analyst Dan Ives referred to the scenario as an 'economic Armageddon,' reflecting widespread concern over potential impacts on production and demand for tech products. As market dynamics shift, it remains uncertain how long this pressure on big tech will continue.
Shares of the Magnificent Seven companies are all down by at least 20 percent from their recent peaks, marking a significant turn after recent highs.
Dan Ives from Wedbush Securities described the situation as ‘economic Armageddon’ if the new tariffs come through, especially affecting investor sentiments towards tech firms.
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