Magnificent Seven stocks drop in Monday premarket as equities selloff continues

Investing.com -- The Magnificent Seven stocks, a collection of seven major tech companies, experienced a drop in Monday’s premarket trading session as the US dollar weakened.

This market movement comes as traders evaluate the potential for President Donald Trump to attempt to remove Federal Reserve Chairman Jerome Powell from his position.

In the premarket trading, Tesla (NASDAQ:TSLA) was down 3%, Meta (NASDAQ:META) (NASDAQ:FB) fell by 1%, Amazon (NASDAQ:AMZN) decreased by 1%, and Microsoft (NASDAQ:MSFT) dropped by 0.9%. Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), and Nvidia (NASDAQ:NVDA) also experienced declines, falling by 1.2%, 1.5%, and 2% respectively.

The Bloomberg Magnificent 7 index, which evenly measures these seven stocks, has seen a 22% decline this year, following a significant rise of 67% in 2024.

US equity futures are predicted to be lower in a potentially unpredictable session, with some centers remaining closed for holidays. The US dollar has shown volatility, initially falling against the euro and yen.

In a related development, Federal Reserve’s Goolsbee issued a warning against attempts to limit the central bank’s independence. This statement came only days after President Trump voiced his dissatisfaction with Federal Reserve Chair Jerome Powell.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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