Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Shares of the Magnificent Seven fell by $233 billion in a day


March, 06 2024
watermark Economic news

The combined market capitalization of the Magnificent Seven, which includes the largest US technology companies, fell by a total of $233 billion at auction on March 5. 


This was the third largest collapse in the shares of IT giants this year. The most significant losses in 2024 were recorded on January 31, on which day the combined market value of seven Big Tech companies decreased by $375 billion.


Following the results of today's session, the shares of seven Big Tech companies showed the following dynamics:


  • Microsoft: down 2.96% to $402.65. According to the results of the main trading session, the company's capitalization decreased to $2.99 trillion;

  • Apple: down 2.84% to $170.12. Capitalization at the end of the main trading session amounted to about $2.63 trillion;

  • Amazon: Down 1.95% to $174.12. The market value has reached $1.81 trillion;

  • Alphabet: down 0.31% to $133.78. Capitalization – just under $1.66 trillion;

  • Meta Platforms: Down 1.6% to $490.22. Capitalization – $1.25 trillion;

  • Tesla: down 3.93% to $575.62 billion;

  • NVIDIA was the only company that ended the auction in the black. The shares gained 0.85% to $859.64, and the capitalization increased to $2.15 trillion.


Analysts note that the market is now in the midst of a pullback. In their opinion, the depth of the fall will depend on the rhetoric of Fed Chairman Jerome Powell at a speech on monetary policy in Congress and on labor market statistics.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.