The Nasdaq index has dropped to its lowest level since September, driven by a sell-off in major technology stocks. Over the past three weeks, the seven largest US tech firms have lost a combined US$2.7 trillion in market value.

The decline was triggered by President Donald Trump’s announcement of high tariffs on key trading partners, raising fears of a trade war and recession. Technology companies, which rely on global trade, are particularly vulnerable.

Among the “Magnificent Seven,” Nvidia saw the largest loss, shedding US$577 billion, followed by Apple, down US$529 billion, and Microsoft, down US$267 billion.

Amazon fell US$347 billion, Alphabet dropped U$275 billion, and Meta declined $286 billion. Tesla posted the sharpest percentage loss at 33%, erasing US$386 billion in market value.

The Nasdaq is down 4.9% for the week, heading for its worst weekly performance in six months. If losses exceed 5.8%, it would be the steepest drop since January 2022.

Goldman Sachs has warned of continued risks, calling the sector the “Maleficent 7.”