Tech Giants Hover on Cusp of a Correction as War Heats Up

A swoon in US stocks has left technology giants on the brink of a correction as the war in Iran drives up oil prices and sparked inflation worries.

Bloomberg’s gauge of Magnificent Seven companies — which includes titans like Nvidia Corp., Apple Inc. and Tesla Inc. — closed 1.9% lower and is close to being down 10% from its October peak. The group briefly tumbled into a correction earlier this month, but has yet to close below that level. The declines weighed on the Nasdaq 100 Index, pushing it down 1.7%.