The market is going through a rough patch, and for some former high-flying assets, the sell-offs are becoming very pronounced.
Amazon (AMZN), Alphabet (GOOG), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA) are all 10% or more below their 52-week highs. From this group, Tesla has seen the most stunning slide as fears mount on global demand and CEO Elon Musk continues his Trump charm offensive — the stock has tanked 38%.
At close: February 25 at 4:00:01 PM EST
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The average decline for this cohort relative to its 52-week high is 19.5%, according to data crunched by Yahoo Finance.
But the plunges aren’t only reserved for the “Magnificent Seven” names still valued at premiums to the broader market, even post sell-off.
Listen: Why you should diversify out of ‘Mag 7’ stocks
The once-hot crypto complex has taken it on the chin too, as traders lighten up on momentum assets.
Coinbase (COIN) is down a startling 40% from its 52-week high, and MicroStrategy (MSTR) is down by 54%. Bitcoin (BTC-USD) is down 19% from its highs, while ethereum (ETH-USD) is off by 40% and dogecoin (DOGE-USD) 57%.
As of 1:24:00 PM UTC. Market Open.
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The selling in crypto comes despite the perception that the Trump administration will be friendly to the industry and could introduce stablecoin regulation in 2025.
“Concerns about the US economic outlook continued to mount,” Deutsche Bank strategist Jim Reid wrote in a note on Wednesday.
Reid said that what happens with the market’s leaders in the near term hinges on Nvidia’s earnings after the close of trading today. While the AI darling is slated to have a strong quarter, first quarter guidance could come in mixed as its Blackwell chip ramps up production.
But besides nervously watching Nvidia, markets appear to be taking their cue from economic readings amid a flurry of tariff headlines from the Trump administration.
Read more: What are tariffs, and how do they affect you?
On Tuesday, the Conference Board’s Consumer Confidence Index for February dropped for the third straight month. It notched the largest monthly decline since August 2021 as expectations for inflation —in part fueled by Trump tariff fears — climbed.
“There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019,” the Conference Board said. “Most notably, comments on the current Administration and its policies dominated the responses.
The report unsettled an already increasingly unsettled market.
Tariffs could end up triggering a “stagflationary shock” to the economy, Apollo Global chief economist Torsten Sløk told me on Yahoo Finance’s Opening Bid podcast. (Disclosure: Yahoo Finance is owned by Apollo Global Management.)
