U.S. Tech Giants' Bull Market in Peril Amid Weekly Plunge, Key Week Ahead

As of last Friday, four of the seven tech giants have fallen more than 10% from recent highs, with $NVIDIA(NVDA.US)$ and $Tesla(TSLA.US)$ down 17%, and $Meta Platforms(META.US)$ and $Alphabet-A(GOOGL.US)$ down 14% and 12%, respectively. $Apple(AAPL.US)$ performed relatively better but still dropped 7%. Since peaking on July 10, the combined market value of the seven giants has evaporated by $2 trillion.

This week, the U.S., Japan, and the U.K. central banks will announce rate decisions, with the U.S. releasing July non-farm payrolls and PMI, and the Eurozone releasing Q2 GDP and July CPI. Major tech companies like $Microsoft(MSFT.US)$ , Apple, Meta, $Amazon(AMZN.US)$ , $Intel(INTC.US)$ , and $Qualcomm(QCOM.US)$ will report earnings, likely causing significant market volatility. Commentators suggest that to calm the rotation in U.S. stocks, these tech giants must exceed expectations in every metric.

This "Super Central Bank Week" may see the Fed overshadowed by the Bank of Japan, which might raise rates while shrinking its balance sheet. The Fed may signal rate cuts but likely won't act until September.