Magnificent Seven stocks start 2024 with biggest fall in a month

The news: The biggest seven technology stocks on US markets have started 2024 with their biggest fall in a month, according to Bloomberg.

The numbers: Apple, Amazon, Alphabet, Microsoft, Meta, Tesla and Nvidia have lost a combined $US370 billion from their market value after falling for the past four trading days. Electric car manufacturer Tesla was particularly affected and shed 8%. This was despite the business delivering more cars in the fourth quarter of the 2023 calendar year than forecast.

The context: While the so-called Magnificent Seven stocks have fallen, they have done so from lofty heights.These stocks gained more than 100% in 2023 amid hype around artificial intelligence development. Apple was impacted earlier this week after broker Barclays downgraded the stock due to concerns of weaker consumer demand for iPhones and Macs.