The year-long rally in the so-call Magnificent Seven – Apple, Microsoft, Alphabet, Nvidia Amazon, Meta and Tesla – has lost ground for a second straight session, adding to calls that risks simmering beneath the mega-cap surge may be starting to surface.

Four of the 7 US tech giants took a step lower in US trading on Monday, led by Facebook-owner Meta which slumped more than 4 per cent after former president Donald Trump reversed his call to ban TikTok, and said doing so would help Facebook, which he called “an enemy of the people”.