Nvidia and Other 'Big 7' Shares Fall By 1-4%...Tesla's Rise

In New York, "Magnificent 7" shares of seven major tech stocks, including artificial intelligence chip market leader Nvidia, closed mostly lower.

Nvidia shares closed at $141.98, down 3.26% from the previous day, Apple and Microsoft shares fell 1.41% and 2.79% respectively, while Amazon and Google parent Alphabet shares fell 4.19% and 1.95%.

Shares of Facebook parent Meta Platforms also closed 4% weaker, with only electric vehicle maker Tesla shares among "Magnificent 7" rising 3.07% to close at $320.72.

The decline is attributed to U.S. Federal Reserve Chairman Jerome Powell's remarks to control the pace of rate cuts.

In the meantime, Tesla's stock price rose due to the analysis that the plan to abolish the electric vehicle tax credit by Trump's second-term transition team, which was bad news the previous day, would cause more losses to its competitors.