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05.08.2024 20:51:54

Why Amazon, Microsoft, Meta Platforms, and Other "Magnificent Seven" Stocks Got Caught Up in a Sell-Off on Monday

It's no secret that recent advancements in artificial intelligence (AI) helped drive the current market rally. Since the advent of generative AI early last year, the market has enjoyed the start of a remarkable bull run even as concerns about the broader economy persist.The combination of a carry trade and a rate hike by the Bank of Japan helped spark a worldwide sell-off that sent the major market indexes plunging. To make matters worse, news from Nvidia -- the poster child for AI, added fuel to the sell-off.With that as a backdrop, "Magnificent Seven" stock Amazon (NASDAQ: AMZN) slumped 4%, Microsoft (NASDAQ: MSFT) fell 2.8%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOGL) fell 2.2%, and Meta Platforms (NASDAQ: META) slipped 1.8%, as of 1:58 p.m. ET on Monday.Continue readingWeiter zum vollständigen Artikel bei MotleyFool

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