The Magnificent 7 has fallen into correction territory amid fears of escalating tensions in the Middle East and AI disruption.
Data shows that the Roundhill Magnificent 7 ETF (MAGS), which provides an equal-weight exposure to Mag 7 names, is now in correction mode after dropping 10% this year, from its 2026 opening price of $66.50 to its current value of $59.94.
Among the Mag 7 names, Microsoft (MSFT) is the biggest loser so far, dropping 18.34% from $484.38 at the start of the year to $395.55. Elon Musk’s Tesla (TSLA) follows suit, falling 14.55% from $457.8 to $391.2 as of Friday’s close. Amazon (AMZN) is next in line, losing 10.23% of its value from $231.34 to $207.67.
Apple (AAPL) is also getting hit hard, falling more than 8% year-to-date, from $272.25 down to $250.12. It is followed by Meta (META) after its shares slid from $662.72 to $613.71 – a 7.39% decline. Jensen Huang’s Nvidia (NVDA) is also not immune to the sell-off, losing 5.04% so far this year, from $189.83 to $180.25.
Alphabet (GOOGL) is the strongest in the group, just sliding 4.61% from $316.9 to $302.28.
As all Mag 7 names are in the red in the first few months of 2026, macro expert Luke Gromen warns that the stock market pullback is likely not over.
In a new interview with Kitco News, the Forrest for the Trees founder says he recently wrote to clients about the market risks following the continued closure of the Strait of Hormuz.
“I think they’re going to lose less money in the very near term, at least until we get a real level of reckoning around what’s actually happening in the Strait of Hormuz and why the most powerful military in the world doesn’t have it open after 11 days. That, I think, is going to be a panic or a whoosh moment. And I would be looking to deploy cash into a broader Wall Street panic around the implications of what’s actually happening there.”
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