The so-called 'Magnificent 7' of U.S. megacap tech stocks has retreated sharply as first-quarter earnings updates kick off this week, with AI-chip star...
FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange in New York CityThe so-called ' Magnificent 7 ' of U.S. megacap tech stocks has retreated sharply as first-quarter earnings updates kick off this week, with AI-chip star Nvidia swooning 10% on Friday after a nervy week for the sector.
It's not clear what triggered the rout, although some analysts pointed to a 23% drop in a smaller related stock Super Micro Computer over a lack of guidance on its upcoming earnings report as a factor. Tesla's woes are legion - from a sharp fade in electric vehicle demand worldwide to a full-blown price war with Chinese competitors, corporate governance issues with boss Elon Musk's payout and numerous product glitches to boot.
The dollar continue to push higher to within a fraction of last week's highs against Japan's yen just under 155 per dollar, with the Bank of Japan meeting later this week. China will facilitate Hong Kong listings by leading Chinese companies and expand the Stock Connect cross-border investment scheme, the China Securities Regulatory Commission said.
Mike Dolan Magnificent 7 Nvidia Corporate Updates Upcoming Earnings Report
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