These days, the “Magnificent Seven” aren’t exactly living up to their name and delivering magnificent performances. In fact, this group of tech giants that led market gains over the past two years is now leading declines. I’m talking about Alphabet (GOOG -3.21%) (GOOGL -3.43%), Apple (AAPL -7.28%), Amazon (AMZN -3.92%), Meta Platforms (META -5.00%), Microsoft (MSFT -3.58%), Nvidia (NVDA -7.03%), and Tesla (TSLA -10.39%).
The companies themselves haven’t delivered terrible news specific to their businesses, but investors worry they will soon suffer as President Donald Trump’s new import tariffs take hold. Last week, the president announced a broader-than-expected plan to tax imports from countries worldwide.
The problem ahead is twofold: U.S. companies, such as the Magnificent Seven, will face higher costs on the raw materials and finished goods they…
