Mag 7 take a hit, $2T in sideline investor cash: Top Takeaways

According to the information provided, retail investor cash sitting on the sidelines has hit a record high, reaching over $2 trillion. Additionally, institutional plus retail cash on the sidelines amounts to $6 trillion.

Tesla's 11-day winning streak ended due to a report that the company is delaying the unveiling of its robotaxi from August to October. This news caused the stock to plunge as much as 8.3%, wiping off more than $60 billion from its market capitalization. Investors had been pinning their hopes on the robotaxi event, and the delay led to a sell-off.