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).

As tariffs loom over the sector, biotechs with U.S.-based manufacturing and intellectual property are soothing investor concerns.

U.S. stocks are giving back some of their big recent gains Monday, ahead of potential flashpoints later this week that could bring more sharp swings for financial markets. The S&P 500 was down 0.8% in afternoon trading and on track to break a four-day winning streak.