Shares of all the Magnificent 7 biggest technology stocks traded lower in premarket trading Friday in the wake of the stronger-than-expected September jobs data, compared with just two down stocks pre-data. The strong jobs data seemed to dash hopes that the Federal Reserve might soon end its policy of interest rate hikes, which has weighted on equity valuations. Shares of Apple Inc. AAPL dropped 0.8% after being up 0.3% pre-data; of Microsoft Corp. MSFT fell 0.9% to reverse a pre-data gain of 0.3%; of Alphabet Inc. GOOGL shed 1.2% after being little changed; of Amazon.com Inc. AMZN lost 1.9% vs. a pre-data gain of 0.4%; of Meta Platforms Inc. META slid 1.2%, but was little changed pre-data; of Tesla Inc. TSLA dropped 2.8%, to extend its pre-data loss of 1.3%; and the loss in Nvidia Corp.’s stock NVDA increased to 1.3% from 0.2% pre-data. Meanwhile, the SPDR S&P 500 ETF SPY was down 0.8% post-data after being up 0.1% pre-data, while the Invesco QQQ ETF QQQ, which tracks the Nasdaq 100 NDX, reversed to a loss of 1.1% from a gain of 0.1%.
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