Big Tech stocks have powered benchmark U.S. indexes to new highs in recent weeks, but they were dragging on the market Tuesday ahead of a flurry of earnings.
The Roundhill Magnificent Seven ETF, which tracks shares in Nvidia, Microsoft, Apple, Amazon, Google owner Alphabet, Facebook parent Meta Platforms and Tesla, hit its highest close since Dec. 26 on Monday, but was down 0.3% ahead of the opening bell.
It wasn’t clear what was driving the selloff, although some of it could be investor caution as the second-quarter earnings season kicks off.
