The seven technology behemoths that powered a 54% surge in U.S. stocks over two years have tumbled into a collective correction, highlighting a fraught moment for American equities amid worries the economy is slowing and inflation will pick up.

The Bloomberg Magnificent 7 Index slid as much as 3.4% Tuesday, taking its drop since a Dec. 17 record past 10%. The group has shed a combined $1.6 trillion in market value in that span. Tesla has paced the drop in the equal-weighted gauge, plunging 37%. Amazon.com, Microsoft and Alphabet have lost at least 10%. Apple and Nvidia are down about 2%, while Meta Platforms is the only gainer, at 5%. Nvidia is slated to report earnings after markets close today.

U.S. stocks have wobbled in the four days since closing at a record last week, with investors growing increasingly concerned that President Donald Trump’s tariff threats will weaken the economy and stoke inflation. Trump reiterated Monday that 25% levies on two of America’s biggest trading partners will go into effect next week, a move that economists say will bring higher retail prices on a host of goods. Meanwhile, recent economic data has missed estimates, while U.S. consumer confidence dropped by the most since 2021 last month, data showed Tuesday.

“There’s concerns about growth, there’s still concerns about inflation,” said Alec Young, chief investment strategist at Mapsignals. “You don’t normally have concerns about both at the same time, but that’s a factor. And then the tariffs kind of fan both.”

While the recent selloff doesn’t mean further pain is imminent, the souring of the mood on America’s equity market marks a stark turnaround from Trump’s election in November. His proposals on deregulation and fiscal spending stoked a post-election rally that has since given way to concerns that tariffs and the threat of mass deportations could exacerbate goods and wage inflation.

Signs of stress on American equity markets have heightened in the past four sessions. The Cboe Volatility Index spiked above 20 and the tech-heavy Nasdaq 100 Index is down 5% over that span. The Bloomberg Magnificent 7 Index is on pace for its worst month since late 2022 relative to the S&P 500. Weakness in the S&P’s biggest sector sent the gauge below its average price for the past 100 days for the first time since August.

The pain is worse in speculative areas of the market. An ETF that tracks the momentum factor is down 7% in five days, Palantir Technologies Inc.’s rout has topped 30% and Bitcoin-related stocks are plunging alongside the token’s price. Retail flows are fading, trend followers are estimated to be sellers in every scenario and option flows are unfavorable.

Nvidia’s results will land today with big-tech investors increasingly on edge over lofty valuations and uncertainty about massive spending on artificial intelligence. Over the past two years, Nvidia has led the AI trade and fellow U.S. megacaps have benefited from the trend. Recent headlines about upcoming tariffs, cheaper AI models out of China and high valuations have fueled investor concerns.