Bloomberg’s gauge of Magnificent Seven companies — which includes titans like Nvidia Corp., Apple Inc. and Tesla Inc. — closed lower and is close to being down 10% from its October peak. “The Magnificent Seven have had multiple episodes over the past few years where their valuations/price levels get ahead of fundamentals and then they spend months working off the exuberance,” said Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute.
