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Investing.com -- Tesla (NASDAQ:TSLA) and Nvidia (NASDAQ:NVDA) are leading the premarket downturn in the group of stocks known as the Magnificent Seven. This comes after a significant rally on Wednesday, which now appears to be taking a pause.
On Wednesday, the U.S. stock markets experienced a dramatic shift when President Donald Trump announced a temporary halt on some of his most severe tariffs. This announcement resulted in the S&P 500 Index recording its largest single-day gain since 2008.
This sudden surge in the markets also had a positive impact on the world's wealthiest individuals. The world's 500 richest people saw their wealth increase by an average of 3.5% due to the rally.
However, among the Magnificent Seven stocks, several are experiencing premarket losses. Tesla's stocks are down by 2.8%, while Nvidia's stocks have decreased by 2.7%.
Other companies in the group, including Meta (NASDAQ:META), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT), are also down, with losses ranging from 1.7% to 2.2%.
The downturn appears to be a temporary pause following Wednesday's rally.
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