Big Tech ETF trades down as Tesla, Apple post sharp losses
Shares of an exchange-traded fund that holds Big Tech stocks was falling Thursday, as Tesla Inc. and Apple Inc. posted sharp losses in late morning trade.
The Roundhill Magnificent Seven ETF was down 0.9% as its holdings were most hurt by Tesla dropping 3% and Apple falling 2.6%, according to FactSet data, at last check.
The ETF portfolio of seven stocks includes Facebook parent Meta Platforms Inc. and Google parent Alphabet Inc., both of which were down Thursday morning, while gains from Nvidia Corp., Amazon.com Inc. and Microsoft Corp. weren’t enough to bring the ETF into positive territory.
Big Tech stocks have outsized weighting in the S&P 500, which was trading up slightly late morning Thursday, according to FactSet data, at last check. The Roundhill Magnificent Seven ETF equally weights the stocks in its portfolio.