Tech megacaps lose $1.8 trillion in 2 days as Trump tariffs lead Nasdaq to worst weekly drop in 5 years

No one is getting hit harder than technology megacaps as markets hit selloff mode. Once powering the market to new highs, the group known as the Magnificent Seven has undergone a severe reckoning over the last two trading sessions, shedding a combined $1.8 trillion in market value. Apple has nosedived the most, shaving off more than $533 billion in market capitalization. President Donald Trump's aggressive tariff plan implemented Wednesday sent shockwaves worldwide, fueling widespread panic and fears of a global trade war that will push the economy into a recession. Many stocks have sold off at a pace not seen since the onslaught of Covid, with the tech-heavy Nasdaq suffering its worst week since March 2020. The Nasdaq plunged on Thursday, and the "Magnificent Seven" group shed more than $1 trillion in combined market value. The losses mounted on Friday. Tesla was the biggest loser of the seven-name group by percent, plunging more than 10% during Friday's session. The company shave ... Read full article.