The Magnificent 7 or the most leading US stock this year has suffer a huge loss after 3 trading weeks in August. Only 3 of them: Apple (AAPL), Tesla (TSLA) and Microsoft (MSFT) had already wiped out a scale of trillion dollars of market value.
For Apple, the $2.7 trillion company that downed by -11%, wiping out almost $390 billion. Apple trades for 29 P/E or 29 times its earning over the past year. Its price dropped from $195 to $173 per share at the lowest, but many still have a positive outlook, anticipating the launching of the new iphone15 in this September.
While Tesla has been downed by -7.5%. Wiping out $167 billion of value. Tesla trading at 62 trailing P/E, dropped from $262 to $213 at the lowest. Many expected more downside on Tesla as many economics concerns continue, people aren’t likely to spend more on cars.
META, also known as facebook, also plunged by -10.9% from $322 to $277 at the lowest while trading at 35 P/E.
Market value losses in 3 weeks of August
| Company | % change |
Lost value in
August ($billions) |
| Apple | -11.1 | -$376.4 |
| Tesla | -19.5 | -$164.9 |
| Microsoft | -5.5 | -$138.3 |
| Meta Platforms | -10.9 | -$89.7 |
| Nvidia | -7.2 | -$82.7 |
| Alphabet | -4 | -$70.0 |
Sources: S&P Global Market Intelligence, IBD
