The market has passed a rough patch and with some previous high-flight assets, sales are becoming very prominent.
Amazon (AMZN), Alphabet (Goog), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA) all fell more than 10% below the 52-week high. From this group, Tesla has seen the most spectacular slides as he is concerned about global demand.
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Data obtained by Yahoo Finance shows that the average decrease in this cohort is 19.5% compared to the 52-week high in this cohort.
However, the plunge is not reserved just for the “magnificent 7” name, which is premium and still worth it against the broader market.
Listen: Why should you diversify from “Mag 7” stocks?
As traders brightened up their momentum assets, once-hot crypto complexes also took it to their chin.
Coinbase (Coin) is at an astounding 40% lower than its 52-week high, with the strategy (MSTR) previously known as MicroStrategy (MSTR) down 54%. Bitcoin (BTC-USD) is down 19% from the high, Ethereum (ETH-USD) is 40% and Dogcoin (DOGE-USD) is 57%.
UTC as of 10:51pm. Market open.
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Crypto sales occur despite the perception that the Trump administration is industry friendly and could introduce stubcoin regulations in 2025.
“Concerns about the US economic outlook continue to grow,” Deutsche Bank strategist Jim Reid wrote in a memo on Wednesday.
Reed said what will happen to market leaders in the near future will depend on Nvidia’s revenues after the closing of today’s trading. AI Darling is expected to have a strong quarter, but there could be a mix of first quarter guidance as Blackwell chips increase production.
But in addition to looking at Nvidia with a nervous look, the market appears to be taking clues from economic readings amid gusts of tariff headlines from the Trump administration.
Read more: What are tariffs and how do they affect you?
On Tuesday, the February Conference Committee’s Consumer Trust Index fell for the third consecutive month. It focused on the largest monthly decline since August 2021. This was promoted by expectations of inflation, the fear of Trump’s tariffs, so we climbed.
“Trade and tariff mentions have risen sharply and have returned to levels that have not been visible since 2019,” the conference committee said. “Most notable is that comments on the current administration and its policies dominated the responses.
This report has volatile already increasingly unstable markets.
Tortenslock, Apollo Global Chief Economist, told me about the Yahoo Finance opening bid podcast, saying tariffs could cause a “stud shock” to the economy. (Disclosure: Yahoo Finance is owned by Apollo Global Management.)
The story continues