The Magnificent Seven stocks lost over $1 trillion in market value on Thursday following President Trump's tariff rollout, according to CNBC. Technology stocks led a significant market sell-off, with the Nasdaq Composite dropping 6%, its worst session since 2020. Apple led the decline among mega-cap stocks, followed by Amazon, Nvidia, and Microsoft. Wedbush's Dan Ives described Trump’s tariff plan as "worse than the worst case scenario" and warned that the U.S. could face “self-inflected economic Armageddon” if the tariffs stay as initially presented. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Magnificent Seven stocks lost over $1 trillion in market value on Thursday
00:06following President Trump's tariff rollout, according to CNBC.
00:10Technology stocks led a significant market sell-off,
00:12with the Nasdaq Composite dropping 6%, its worst session since 2020.
00:17Apple led the decline among mega-cap stocks, followed by Amazon, NVIDIA, and Microsoft.
00:22WeBush's Dan Ives described Trump's tariff plan as worse than the worst-case scenario,
00:28and warned that the U.S. could face self-inflicted economic Armageddon
00:32if the tariffs stay as originally presented.
00:34For more coverage on tariffs and how they impact your portfolio, visit Benzinga.com.
00:38For all things money, visit Benzinga.com.