Major drop in market value for the "Magnificent Seven": $700 billion wiped out

The total market value of the "Magnificent Seven" in the US—Apple, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla—has declined by approximately $700 billion amid recession fears.

At the opening, the Dow Jones index lost over 1,000 points, falling 2.68% to 38,670.55 points.

The S&P 500 index decreased by 4.07% to 5,128.93 points, and the Nasdaq index fell by over 1,000 points, losing 6.25% to drop to 15,728.46 points.

STOCKS UNDER SELLING PRESSURE

Shares of the Magnificent Seven, which have a total market value of over $14 trillion, also came under selling pressure.

Apple's market value fell by $178 billion to $3 trillion 164 billion, while Microsoft's market value dropped by $96 billion to $2 trillion 940 billion.

Alphabet's market value decreased by $74 billion to $1 trillion 999 billion, Amazon's market value fell by $87 billion to $1 trillion 674 billion, and Meta's market value declined by $41 billion to $1 trillion 194 billion.

TOTAL VALUE LOSS REACHED $688 BILLION

Nvidia, one of the most popular companies of recent times due to developments in artificial intelligence, experienced the largest loss with $191 billion, falling to $2 trillion 448 billion, while Tesla's market value decreased by $20 billion to $643 billion.

Thus, the total market value loss of the companies known as the Magnificent Seven reached the $688 billion level.