Investing.com -- The Magnificent Seven stocks experienced a decline in premarket trading on Thursday. This downturn came as a result of mixed messages from the Trump administration regarding its intentions for China tariffs, which had an impact on U.S. stock futures.
The group had previously seen a rally on Wednesday following President Trump’s suggestion that China tariffs may be reduced if a mutual agreement can be reached.
Conversely, China has expressed its demand for the US to withdraw all one-sided tariffs. The Chinese authorities also stated that no discussions are currently underway to reach a trade agreement. This has led to escalating tensions between the two largest economies globally.
Among the Magnificent Seven stocks, Tesla (NASDAQ:TSLA) fell by 1.8%, Nvidia (NASDAQ:NVDA) by 1.7%, Meta (NASDAQ:META) by 1.2%, Apple (NASDAQ:AAPL) by 1.3%, Amazon (NASDAQ:AMZN) by 1.1%, Alphabet (NASDAQ:GOOGL) by 0.8%, and Microsoft (NASDAQ:MSFT) by 0.4%.
The Bloomberg Magnificent 7 index, which equally measures these stocks, has seen a 20% drop this year. This follows a significant 67% increase in 2024.
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