Key Points
Apple shares fell 11% in the first three months of the year, while Tesla dropped almost 30%..
The other four big tech stocks in the group known as the Magnificent SevenNvidia, Meta Platforms, Microsoft, Amazon.comcontinued their meteoric run and outpaced the broader market..
Some investors say it is a bullish signal that the market is still rallying without the likes of Apple and Tesla because it means other groups are taking part..
If youd have told me eight weeks ago that Apple and Tesla would be down as much as they are, oh and by the way, youre punting when youre going to do the rate cuts and youre getting less rate cuts, I would have assumed the market would be down," said Ryan Detrick, chief market strategist at Carson Group..
Joseph Ferrara, investment strategist at Gateway Investment Advisers, said he expects investors to rotate out of big tech stocks and funnel into other sectors as the year progresses..
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