Mag 7 relinquishes more than $800 billion as tech drives stock market nosedive

Core Viewpoint - The recent implementation of President Trump's tariff policy has led to a significant decline in the market capitalization of major technology stocks, collectively losing over $800 billion, highlighting the adverse impact of trade tensions on financial markets [1][2]. Group 1: Market Impact - The Magnificent Seven index, which includes major technology stocks, experienced a drop of approximately 5$840 billion, with individual companies like Apple and Nvidia seeing substantial declines of 8.1% and 6.7% respectively [4][5]. Group 2: Company-Specific Reactions - Apple faced the largest decline among the group, dropping over 8% due to concerns that tariffs would negatively affect its production operations abroad, potentially leading to its worst trading day in over five years [5]. - Amazon's stock fell more than 7% following Trump's executive order to end the de minimis trade loophole, which previously allowed duty-free shipments valued under $800 [5]. - Nvidia, a key player in the AI sector, saw a nearly 7% decrease, reflecting broader concerns about potential tariffs on semiconductors [6]. Group 3: Analyst Perspectives - Dan Ives, a prominent technology analyst, described Trump's tariff plan as "worse than the worst case scenario," suggesting that if the tariffs remain unchanged, the U.S. could face severe economic repercussions [7]. - In contrast, White House officials, including Treasury Secretary Scott Bessent, attributed the market decline to the performance of technology companies rather than the tariff policy, indicating a disconnect between government perspectives and market realities [8][9].