Key Points
Some of the worlds biggest companies have not had a good start to 2024, with their shares facing heavy losses on the stock market...
Alphabet (Google parent), Microsoft Group, Meta Platforms, Tesla and Nvidia Corp cumulatively known as the Magnificent 7 have been falling for the past four sessions, marking their longest losing streak in a month, reported Bloomberg News...
The report noted that shares of Apple have fallen 4.6 per cent in the past four sessions and is leading the broad-based slump that has erased $383 billion in market value..
Meanwhile, Over the past four days, Tesla has experienced a continuous decline, marking its longest losing streak in over four weeks..
In any case, the Bloomberg report noted that it is too early to conclude whether the tech-focused rally is over, adding that the majority of the gains in 2023 served to recover losses from the previous year, and significant players like Amazon, Alphabet, Meta, and Tesla are still trading below their all-time highs an indication that there might be potential for further upward movement...
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