The group of dominant stocks known as the “Magnificent Seven” has been at the center of the U.S. stock market’s recent sell-off, which earlier this month took the S&P 500 10% below its all-time high for its first “correction” since 2023.

Wall Street stocks ended sharply lower on Wednesday, dragged down by losses in Nvidia and Tesla as investors awaited information about long-promised U.S. tariffs on automotive imports. U.S. President Donald Trump was set to announce plans for car-industry tariffs at a press conference on Wednesday,