Technology's "Magnificent Seven" stocks traded lower in premarket activity as traders returned to the markets following a holiday. All seven major tech stocks declined: Apple dropped 0.4%, Microsoft fell 0.5%, Meta Platforms, Inc. declined 1.1%, Amazon.com was down 0.2%, Tesla Motors fell 1.1%, NVIDIA dropped 1.1%, and Alphabet decreased 0.1%. Nasdaq 100 futures fell 0.8%, while S&P 500 futures declined 0.3%. Investors expressed concerns over the elevated capital expenditures of major cloud service providers and questioned when returns would materialize. They are closely monitoring the disruptive impact of artificial intelligence on numerous industries, including software. So far this year, all seven major tech stocks have recorded declines; an equal-weighted index of these tech giants has fallen 7.2% year-to-date.