KanawatTH
Nvidia (NASDAQ:NVDA) dropped 4% on Thursday, and was followed by other big tech Magnificent Seven names such as Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOG)(NASDAQ:GOOGL), Meta (NASDAQ:META), Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) as investors apparently rotated out of the sector.
Nvidia’s drop was its largest since June 24. By late afternoon trading, its market cap slipped to $3.17T after closing at $3.32T on Wednesday.
Meta fell 4% as well, while Amazon declined nearly 3%. Google, Apple and Microsoft all slipped more than 2%.
Semis got hit too, as the Philadelphia Semiconductor Index (SOX) declined nearly 3%. Lam Research Corporation (LRCX) plunged 5% and Micron Technology (MU) was down 3.5%. Intel (INTC) dropped 3.7%.
Cybersecurity names also suffered declines. Palo Alto Networks (PANW) was down 2% while CrowdStrike (CRWD), Fortinet (FTNT) and Zscaler (ZS) slid 1%.
The widespread losses occurred after the Consumer Price Index edged down 0.1% month-over-month in June, less than the 0.1% increase expected and the 0.0% figure in May, according to the U.S. Bureau of Labor Statistics’ report released on Thursday morning.