Why Tech Stocks Are Dropping Monday [Video]

Technology stocks struggled across the board in intraday trading Monday, including declines among Magnificent 7 firms and a big hit to quantum computing stocks.

The S&P 500 technology sector was down about 1.3% intraday, and the tech-heavy Nasdaq Composite was more than 1% lower. The decline follows broad market struggles on Friday after labor market data for December came in hotter than expected, leading investors to scale back their expectations for Federal Reserve rate cuts.

The Magnificent 7 have not been spared, with Nvidia (NVDA) stock falling nearly 3% and Apple (AAPL) and Meta Platforms (META) shares declining almost 2% in early afternoon trading. The only member of the group in the green was Tesla (TSLA), with shares up 0.2%.

Nvidia’s drop came even as the chipmaker announced partnerships with Mayo Clinic, IQVIA Holdings (IQV), and Illumina (ILMN) on Monday. The partnerships are designed to utilize Nvidia technology to …