Magnificent 7 wipes $273 billion in a day as big tech sell-off continues

The S&P 500, which peaked at 7,501 on May 14, has corrected about 1.97% by May 19 as a concentrated sell-off in big tech erased $273 billion intraday among the ‘Magnificent 7.’ Google led individual losses (down ~2.09%, wiping nearly $100bn), Broadcom slid 2.29% (about $45.61bn lost), while Apple was the lone gainer (+0.38%, +~$16bn). Drivers cited include geopolitical risk around Iran, 30-year Treasury yields topping 5%, mounting criticism of an AI “bubble” and infrastructure execution issues, and investor jitters ahead of Nvidia’s after-hours earnings (May 20). With Nvidia a $5.3tn-plus market-cap bellwether, its results could determine the near-term market trend for big tech and the broader index.