Alphabet, Apple, Nvidia and the rest of the so-called “Magnificent Seven”—have lost a quarter of their value. Investors have scrambled into havens such as gold, or sought to diversify by buying shares listed elsewhere (see chart 1).

U.S. stocks are slipping Monday ahead of potential flashpoints looming later in the week that could bring more sharp swings for financial markets. The S&P 500 fell 0.7% in afternoon trading, coming off a winning week in its whipsaw ride that’s been rattling investors for weeks.

U.S. stocks are drifting Monday ahead of potential flashpoints looming later in the week that could bring more sharp swings for financial markets. The S&P 500 was virtually unchanged in morning trading,