Tariff Storm Ravages Tech's 'magnificent Seven'

The latest slide followed cuts in price target for Apple and Tesla shares from one of Wall Streets most bullish tech analysts, Dan Ives, who warned of a tariff economic Armageddon.

The cuts came as Trump doubled down on tariffs on Sunday, telling investors to endure the consequences and ruling out trade talks with China for now.

Tesla shares slumped 7 to 223, leading losses among the Magnificent Seven a group of high-performing tech stocks that powered Wall Streets rally for years but whose fortunes have taken a turn for the worse in the last few months.

The companies have collectively shed more than 6-trillion in market value since their peak in late 2024.

Apple, Alphabet and Microsoft were trading around one-year lows, with the iPhone maker falling 4.8, while other Mag 7 members fell between 1.5 and 4.8.