Posted 3/5/2024, 10:14:00 PM
Tech Stocks Shed $233 Billion as Investors Anxious Over Rate Outlook
- The "Magnificent Seven" tech stocks shed $233 billion in market value on Tuesday, dragging down the broader market
- Apple, Amazon, Microsoft, Alphabet, Meta, and Tesla all saw shares drop between 0.5% and 3.9%
- It was the third-largest one-day loss this year for the group of popular tech stocks
- The pullback comes ahead of Fed Chair Powell's testimony to Congress starting Wednesday
- Investors are anxious to hear more on potential Fed rate cuts after hawkish comments from officials recently