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

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.