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Investing.com -- Tesla (NASDAQ:TSLA) Inc. is leading premarket gains among the so-called Magnificent Seven (Mag 7) stocks, as the electric-vehicle manufacturer is poised for a rebound following a 15% drop on Monday.
This drop was part of a larger trend where investors sold off last year’s top-performing stocks due to increasing concerns about an impending recession. Tesla’s shares rose by 4.7% in premarket trading, following its largest single-day drop since September 2020.
This drop erased all gains that the stock had made since the election victory of Donald Trump on November 5. In a show of support for Tesla and its CEO Elon Musk, Trump announced plans to purchase a brand new Tesla vehicle following the steep sell-off.
Alongside Tesla, other large technology companies in the S&P 500 experienced a 5.4% drop. Among the most affected was Tesla itself, with a 15% plunge marking its worst day since September 2020.
Shares in technology companies without profits also experienced a significant drop, and a Goldman Sachs Group Inc (NYSE:GS). basket of the most-shorted stocks fell by 4.6%.
Other stocks in the Mag 7 also saw movements in premarket trading. Nvidia (NASDAQ:NVDA) shares increased by 1.7%, while Meta (NASDAQ:META), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT) saw less than a 1% increase. Apple (NASDAQ:AAPL)’s shares remained relatively unchanged.
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