From Fortune:

The largest tech stocks that supported the market in 2023 are off to a rough start in 2024. The Magnificent Seven, including Apple, Amazon, Alphabet, Microsoft, Meta Platforms, Tesla, and Nvidia, have experienced a four-day slump, leading to the loss of roughly $370 billion in market value.

According to Interactive Brokers Group chief strategist Steve Sosnick, doubts about the stickiness of the 2023 rally were well-placed, and the party seems to be winding down.

The group, which surged more than 100% last year, saw slowed gains in the second half of 2023 as investors questioned the Federal Reserve’s ability to execute a soft landing for the US economy.

Apple shares are under pressure due to a new bear report from Barclays Plc analysts, who expect soft demand for iPhones going forward. Tesla has lost its top spot as the best-selling electric car company to China’s BYD Co., contributing to a four-day losing streak.

Despite potential for continuing success, the largest tech names need to deliver solid and profitable technology in 2024, a departure from the sizzle that drove the rally in 2023.



Read more: Big Tech’s new year stock slump has erased a staggering $370 billion and put its 2003 rally in reverse