Last night, all of the "Magnificent Seven" tech stocks except Tesla fell across the board, with significant intraday volatility.

The market was initially concerned that the economic slowdown might exceed expectations, with earlier anticipated rate cuts and larger magnitudes. However, Q2 economic growth proved more resilient than expected, with the growth rate rising from 1.4% to 2.8% quarter-on-quarter.

The better-than-expected economic data also reassured investor confidence. While the broader market indices initially fell across the board, the cyclical Dow Jones and more economically sensitive small-cap stocks ultimately closed higher, resulting in a singular valuation correction for the Nasdaq and tech giants. Next week, major and minor U.S. stock giants will report earnings one after another, likely making it another volatile week.