Investing.com -- Significant players in the tech industry, such as Tesla (NASDAQ:TSLA) and Nvidia (NASDAQ:NVDA), led the downward trend among the Magnificent Seven stocks in U.S. premarket trading on Monday.
The decline comes as investors decided to cash in on the recent gains made by these major tech firms. The broader market sentiment was also negatively impacted by a downgrade of U.S. credit by Moody’s.
The Magnificent Seven, a group of leading tech stocks, experienced the following declines: Tesla fell by 4.7%, Nvidia by 3%, Meta (NASDAQ:META) by 2.1%, Amazon (NASDAQ:AMZN) by 2%, Alphabet (NASDAQ:GOOGL) by 2%, Apple (NASDAQ:AAPL) by 1.8%, and Microsoft (NASDAQ:MSFT) by 1.2%.
Despite this drop, the equal-weighted measure of these stocks had risen by 9.3% the previous week, marking its highest one-week increase since the beginning of 2023.
This surge was primarily driven by a series of AI-related deals announced during President Donald Trump’s visit to the Middle East.
In other news, Nvidia’s CEO revealed a range of new technologies designed to maintain the company’s leading position in the artificial intelligence chips market.
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