The Magnificent Seven, a group of high-performing tech stocks including Nvidia and Microsoft, lost $2.6 trillion in total market value in the 20 days leading up to a high-profile earnings week. In an article published on X on July 31, economic news site The Kobeissi Letter announced that the Magnificent Seven lost three times the value of Brazil's entire stock market in 20 days.

The Magnificent Seven Comes to the Fore with Losses!

The group includes Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, which have outperformed the rest of the S&P 500 since the market low in 2022. Microsoft has so far reported fourth-quarter earnings for fiscal 2024, which ends June 30. Meta's latest quarterly results will be published on July 31, while Apple and Amazon will report on August 1.

Quarterly results from the market-leading group of tech giants could also set the tone for high-risk asset markets, including crypto, in the coming months. Nivida's Q2 earnings report isn't expected until August 28, but the semiconductor giant has already seen a 23% stock decline, resulting in an $800 billion loss in market value since July 10.

Microsoft stock (MSFT) fell 3.8% on the day to close at $422.92 despite delivering a better-than-expected earnings report on July 30. The software giant is the world's second largest company with a market value of $3.1 trillion, but that's down 15% in the last three weeks.

Apple, the world's largest company with a market value of $3.35 trillion, will publish its earnings report on August 1. However, Apple's market value has lost 9%, or $312 billion, since July 10. Shares of the company (AAPL) also remained unchanged on the day, closing at $218.80, but were down 7% from the all-time high reached earlier this month.

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E-commerce giant Amazon is the fifth largest company with a market value of $1.89 trillion. However, this has fallen by 12% in the last three weeks. Shares (AMZN) prices fell 1.5% on the day, settling at $180.90 in after-hours trading. Amazon is also expected to release its second quarter earnings report on August 1.

The company, formerly known as Facebook, has a market capitalization of $1.17 trillion, making it the sixth of the Magnificent Seven. However, Meta has lost $257 billion, or 18% of its market value, since July 10. The company is expected to release its second quarter earnings report on July 31. Meta stock (META) fell 2.5% on the day, closing at $463.19 on July 30.

Elon Musk's Tesla is the last member of the Magnificent Seven with a market value of $711 billion. However, it has also suffered a 19% loss in its capital since July 10. Tesla posted its lowest quarterly profit margin in five years on July 23, and earnings per share missed estimates for the fourth straight quarter. The company's stock (TSLA) fell 9.4% to $222.62 on July 30. By comparison, total crypto market capital gained 11% in the same three-week period, marking an early divergence.