The biggest assets in the cryptocurrency market witnessed a huge spike however the stock giants Magnificent Seven have seen a dip. Magnificent Seven are the tech platforms that recently published their earnings reports, provoking apprehensions about a looming recession within the tech world. On Wednesday, 25 October, the Magnificent Seven saw a loss of above $280B.
Magnificent Seven’s Latest Decline in Stocks Results in a Loss of up to $280M While Crypto Rises
The stocks take into account 7 giant tech platforms such as Microsoft. The rest of these companies include Tesla, Meta, Amazon, Nvidia, Alphabet, and Apple Inc. Alphabet, the parent company of Google, had gone through the biggest fall, leading to a loss of more than nine percent. This was equivalent to nearly $180B. The Kobeissi Letter shared a post on the social media forum X.
The X post noted that the respective day was the firm’s worst following 2020’s March. The capital market-related commentary service additionally said that the seven stocks efficiently account for the whole S&P 500 year-to-date rally. The data that MarketWatch provided brought to the front that Amazon experienced a 5.58% plunge. On the other hand, it added, Meta went through a loss of up to 4.31% while Nvidia saw a 4.17% decline.
While providing more details, the platform disclosed that Apple and Tesla remained effective in enduring the smaller losses. at 1.35% and 1.89% respectively. Out of the stocks of the Magnificent Seven Microsoft witnessed profits. The tech giant rose to $340.67 while it previously stood at the level of nearly 3.07%. In addition to this, Microsoft had additionally seen a spike of almost 2.80% in the past five days.
Dip in the Stocks of Magnificent Seven Raises Concerns Related to a Potential Recession
The performance of the platform in the recent month has been nearly 8.62%. The year-to-date profits of the firm have gone beyond the spot of more than 41% up till now. In a broader perspective, the firm saw a 50.24% in the previous year. Apart from that, the Kobeissi Letter signified that stocks are nearing a recession in terms of their price.
As the post pointed out, the index is just one percent away from the correction zone after losing up to 430 points during the last3 months. Moreover, at present, the market is currently placed around its lowest level since May. In this respect, 3 rate cuts have already taken place, leading toward the current position. Futures and high rates are not showing any rate cts till the upcoming July.
Keeping that in view, the Kobeissi Letter currently expresses the consideration of a potential recession.The search trends on Google additionally denote the general effects of a recession. In this regard, a 233% spike has taken place in the search strings related to a crash in the stock market.Along with this, the cryptocurrency industry hasseensome surge even as the stocks of the Magnificent Seven are getting closer to a potential recession.
CoinMarketCap also provided data concerning this. It discussed the twenty biggest crypto tokens in terms of market capitalization, other than stablecoins USDC and USDT. According to the platform, all of them went through huge increases throughout the recent week. Chainlink accounted for the highest gains at almost 50.3%. After that, Solana saw a 36% increase. Ethereum and Bitcoin witnessed 19.37% and 22% increases respectively.
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