Selling pressure hits tech giants as Tesla leads with a loss of more than 14 percent
Istanbul, July 24 (Hibya) – Shares of leading U.S. technology companies traded mostly lower. Tesla suffered the steepest loss, falling more than 14 percent, while Alphabet, Amazon, Meta, Apple and Nvidia also declined. Netflix was the only company to post a gain.
As selling pressure on technology stocks continued on Wall Street, most of the major technology companies known as the "Magnificent Seven" ended the day lower.
Tesla shares fell 14.52 percent to $319.69, recording the sharpest decline of the day. Alphabet Class A (GOOGL) shares dropped 7.13 percent to $317.69, while Amazon shares declined 4.57 percent to $233.66. Meta Platforms shares also lost 3.36 percent and closed at $606.10.
Shares of chipmaker Nvidia fell 1.56 percent to $208.76, while Apple shares declined 1.30 percent to $321.66. Meanwhile, despite the negative market outlook, Netflix rose 0.53 percent to $68.89, becoming the only major technology company on the list to post a positive performance.
The broad-based sell-off in technology shares increased pressure on the Nasdaq index, while investors were seen repricing corporate earnings and expectations for the sector.
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