Monday’s early market action featured more pain for the “Magnificent Seven” tech stocks.

Nvidia (NVDA), Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta (META), Apple (AAPL), Microsoft (MSFT), and Tesla (TSLA) are all lower on Monday morning. Apple, Amazon, Meta and Nvidia fell more than 1%, while Tesla shares slid over 5%.

Consequently, the major indexes’ attempt at a comeback stalled. The Nasdaq Composite (^IXIC) moved down nearly 0.2%, while the S&P 500 (^GSPC) was up less than 0.3% and off its high for the day.

This reflects a point that several Wall Street strategists have made to Yahoo Finance in recent days: The stock market’s path out of its slump is still likely contingent on the path of the Magnificent Seven megacaps

“For the market to go higher from here, you need the broadening thesis to happen, but you need your Mag Seven to contribute,” Citi US equity strategist Scott Chronert told Yahoo Finance.

BMO Capital Markets chief investment strategist Brian Belski echoed Chronert’s sentiment about the group’s importance.

“Maybe these tech stocks got ahead of their skis a little bit,” Belski told Yahoo Finance. “But at the end of the day, these are monster companies that define the growth trajectory for the United States stock market. They are not going away.”