Tech Giants Enter Correction as Mideast War Drags Stocks Down

Technology giants entered a correction on Friday as the war in Iran continued to escalate and oil closed above above $100 a barrel once again.

Bloomberg’s gauge for the Magnificent Seven closed 1.6% lower, putting the group of mega-cap names — including Nvidia Corp. and Tesla Inc. — into correction, or 10% below its October record. Investors fled riskier corners of the market as concern deepened over the how long the Middle East conflict will drag on, and worries lingered over the artificial intelligence trade.