The Financial Post reports in its Thursday edition that with frothy corners of the U.S. stock market under duress as investors grow concerned about the economy and the threat from inflation, Wall Street is finding little solace in the one area that has been unshakable for two years: megacap tech. A Bloomberg dispatch to the Post says that seven behemoths that powered a 54-per-cent surge in U.S. stocks over two years tumbled into a collective correction Tuesday. The Bloomberg Magnificent 7 Index fell 2.3 per cent Tuesday, taking its drop since a Dec. 17 record past 10 per cent. The group shed a combined $1.5-trillion (U.S.) in market value in that span. Tesla paced the drop in the equal-weighted gauge, plunging 37 per cent. Amazon, Microsoft and Alphabet each lost more than 8 per cent. Apple and Nvidia were down about 2 per cent, while Meta was the only gainer, up 6 per cent. U.S. stocks have wobbled in the days since closing at a record last week, with investors growing increasingly concerned that President Donald Trump's tariff threats will weaken the economy and stoke inflation. Trump reiterated Monday that inflationary 25-per-cent levies on two of America's biggest trading partners will go into effect next week.
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