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S&P 500 Falls 2%: Worst Day Of 2022 So Far As ‘Magnificent Seven’ Loses Nearly $800bn

by THEFUTURE.TEAM

July 25, 2024

It was a tough Wednesday for stocks, with two of the three major indexes heading for their worst days in more than a year after the latest round of corporate reports.

KEY FACTS

The benchmark S&P 500’s 2.3% drop was its biggest percentage loss since December 2022. The tech Nasdaq’s 3.6% drop marked its worst day since October 2022, while the Dow Jones Industrial Average, which tracks just 30 stocks, suffered a lighter loss of 1.3%.
The losses followed Tuesday afternoon earnings reports from three of the 15 most valuable U.S. companies — Google parent Tesla and credit card giant Visa — that disappointed the market.
Tesla’s 12% drop after reporting a 45% year-over-year profit decline was the biggest since January, Visa’s 4% drop after the company’s first quarterly revenue decline of 2020 delivered its biggest daily decline since May 2022 Alphabet’s 5% drop was its worst day since February.
The tepid response to Alphabet and Tesla, the first two of the “Magnificent Seven” to report second-quarter results, may bode particularly poorly for the broader market, given the septet’s huge contribution to overall earnings growth and higher marks.
Five of the other seven great stocks also fell sharply on Wednesday, with Amazon down 3%, Apple down 3%, Meta down 6%, Microsoft down 4% and Nvidia down 7%.

BIG NUMBER

770 billion dollars. The Magnificent Seven lost roughly that much market value on Wednesday, led by losses of more than $100 billion for Alphabet and Nvidia.

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KEY STORY

Next week, four of the remaining “Magnificent Seven” companies will announce their financial results: Microsoft on Tuesday, Meta on Wednesday, Amazon and Apple on Thursday, while Nvidia will announce its results at the end of August. These companies’ rising earnings and increasing price/earnings driven by investor interest in artificial intelligence have supported record market growth since the end of 2022, despite interest rates at their highest level in two decades. All three major indexes hit new all-time highs earlier this month. However, trends have changed in the past week. The S&P and Nasdaq are down 3% and 5%, respectively, from their record highs hit earlier this month. Goldman Sachs strategists warned last week that there was a strong potential for a summer decline because of possible volatility related to geopolitical events.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.