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Investing.com -- Tesla (NASDAQ:TSLA), the electric vehicle manufacturer, is leading premarket gains among the Magnificent Seven stocks, set to increase for a second day following a 15% drop on Monday.
Tesla shares are up 3.2% after suffering their largest decline since September 2020 on Monday, which wiped out all gains made since the November 5 election of Donald Trump.
On Tuesday, President Trump said he chose a red Model S from the Tesla vehicles delivered to him at the White House.
Despite the recent upswing, some Tesla supporters are hesitant to buy shares at their current lower price, concerned that the stock’s decline may not yet be over.
Other stocks in the Magnificent Seven, including Nvidia (NASDAQ:NVDA), Meta (NASDAQ:META), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT), are also seeing premarket gains, although less than 1%. Apple (NASDAQ:AAPL), on the other hand, is slightly down.
The Bloomberg Magnificent 7 index, which equally weighs these stocks, has declined approximately 15% this year. This follows a 67% increase in 2024 and a doubling in value in 2023.
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