Technology stocks fell for a second day Friday as retaliatory tariffs from China fueled fears of a global trade war.

KEY POINTS

  • The so-called Magnificent Seven stocks lost a combined $1.8 trillion in market value over the last two trading sessions.
  • Apple led the losses for the group shaving off more than $533 billion in market capitalization.
  • The Nasdaq recorded its worst week since 2020 as markets responded to mounting fears of a global trade war that could push the U.S. into a recession.
  • Phoenixz@lemmy.ca
    21·
    1 day ago

    5 years is nothing, wake me up when we have hit a recession worse than the 1920’s. Let Americans starve, really, as that is exactly what they voted for. I really really wish it were different but here we are, this is trump world now

  • enkonju@lemmy.world
    12·
    1 day ago

    Worst weekly drop in only 5 years? Buckle up, we’re not stopping until we set the 100 year record!

  • Helvetica@sh.itjust.worksEnglish
    18·
    2 days ago

    Goddamn there’s being a pathetic simp, and then there’s wearing a “Trump was right about everything” hat. People theorize that Musk is the boss in their relationship but I bet some trump crony put the hat in his hands and said “wear it”. And he did. And then later asked if trump saw him wearing it.

  • Ledericas@lemm.eeEnglish
    8·
    2 days ago

    i mean they dint pay 2.7 trillion taxes, so this can be fair game to them. maybe this is a way to tax the rich, but making lose almost as much.

    • littlebrother@lemm.eeEnglish
      1·
      20 hours ago

      Absolutely not.

      The rich have offshore accounts funneling money between countries currencies and stocks. They are well diversified. A crash won’t hurt them.

      This is killing the average worker. Exactly what they want.

  • FunBun@lemmy.worldEnglish
    281·
    2 days ago

    I imagine a lot of this data is because they are the ones cashing out so I don’t know how accurate this is. I feel Its more likely the American population’s 401k are losing the value here. Billionaires selling off billions vs my measly 100k is going to have a more dramatic market effect. If that’s the case hopefully we see some massive capital gains tax… But my guess is this money is being reinvested somewhere else or offshored.

  • N0body@lemmy.dbzer0.comEnglish
    8·
    2 days ago

    I’m wondering if Trump’s corporate backers are tired of winning yet. Who knows what other wins are coming from the mad king in the future. I’m sure they’ll get tired eventually.

    • ploot@lemmy.blahaj.zoneEnglish
      2·
      2 days ago

      The problem is that, as people say, the people who are rich enough never lose. They can parse any situation into greater wealth. It’s us little people who always lose.