Gold prices hold gains amid Fed rate cut hopes, tariff jitters
Investing.com -- Tesla (NASDAQ:TSLA) is leading the decline among the Magnificent Seven stocks in premarket trading on Thursday, as US stock futures fall amid President Donald Trump’s plans to send letters to trading partners about unilateral tariff rates.
Tesla shares dropped 1.5% in premarket trading, positioning the stock to end its four-day winning streak. The recent gains had followed an improvement in relations between Tesla CEO Elon Musk and President Trump after their public disagreement.
Musk recently issued his strongest apology yet regarding his handling of the split with Trump, following a call with two of the president’s top allies.
Other Magnificent Seven stocks also traded lower in premarket, with Nvidia (NASDAQ:NVDA) falling 1.1%, while Meta (NASDAQ:META), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL) all declined less than 1%.
The broader market showed weakness as well, with S&P 500 and Nasdaq 100 futures down approximately 0.6%.
The Bloomberg Magnificent 7 index, which equally weights these seven major tech stocks, has declined 2.1% this year, following a 67% surge in 2024.
The market weakness comes as President Trump prepares to set new tariff rates ahead of a deadline to reimpose higher duties on dozens of economies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.