Magnificent Seven shed over $800 billion in value

Heavyweight companies sold off as U.S. recession fears and Berkshire Hathaway’s sale of half of its stake in the iPhone maker further deflated a months-long rally fueled by optimism about AI. Apple, Tesla, Alphabet and Amazon each dropped more than 4%, while Nvidia tumbled 7% .

Major U.S. stock indexes ended sharply lower as U.S. recession worries shook global markets and drove investors out of risky assets, while Apple shares dropped as Berkshire Hathaway cut its stake in the company. The recession concerns followed weak economic data last week .