Tesla, Nvidia, Apple And Other 'Magnificent 7' Peers Tank In Monday Premarket: What's Going On?

Magnificent 7 stocks, which are the heavyweights in the benchmark indices of the U.S. stock market, declined in premarket on Monday, extending the fall from the tariff-induced selloff last week.

What Happened: Shares of Elon Musk‘s Tesla Inc. (NASDAQ:TSLA) and Mark Zuckerberg‘s Meta Platforms Inc. (NASDAQ:META) dropped the most by 5.19%% and 2.47%, respectively, as of the publication of this article.

The other components of the Magnificent 7 were all down over 1%. Tesla and Jensen Huang‘s Nvidia Corporation (NASDAQ:NVDA) have had the steepest fall on a year-to-date basis in 2025.

The market has been witnessing a staggering crash since Thursday, after President Donald Trump unveiled tariffs on U.S. trading partners on Wednesday after the close. Top analysts and economists have issued recession warnings following the introduction of these policy changes.

Goldman Sachs increased its recession probability forecast to 45% from 35% on Sunday, following a prior hike a month ago, attributing the increased risk to tighter financial conditions and higher policy uncertainty, a view shared by JPMorgan, which raised its global recession odds to 60% last week. However, Jefferies analysts suggest these factors, including Trump’s tariffs, could offer tech companies a “Free Hall Pass” to revise their financial guidance

As reported by Business Insider, the firm’s lead analyst, Brent Thill, suggests companies can leverage this crisis to set lower, more attainable estimates, potentially boosting investor sentiment and stock performance.

See Also: US Stock Futures Slump Following Massive Tariff-Induced Selloff: Experts Warn Of A Brewing ‘Great Depression-Like’ Pattern

Why It Matters: The movement in these seven stocks has a huge impact on the overall market as they comprise nearly 32% of the S&P 500’s weight.

As of Friday, the S&P 500 was nearing the bear market zone as it closed 17.46% lower than its previous record high of 6,147.43 points.

Dow was 14.99% down from its 52-week high of 45,073.63 points, whereas the Nasdaq 100 was already in the bear market territory, 21.71% lower from its high of 22,222.61 points.

The hopes of a Fed ‘put’ remained on standby as Jerome Powell said Friday that "It is too soon to say what will be the appropriate path for monetary policy.”

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, declined in premarket on Monday. The SPY was down 2.10% to $494.66, while the QQQ declined 2.24% to $413.21, according to Benzinga Pro data.

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