U.S. Treasury Secretary Scott Bessent addressed the recent equity market sell-off, attributing it primarily to issues with major technology stocks, referred to as the 'Mag7 problem,' rather than the impact of tariffs imposed by the Trump administration. In his comments, Bessent emphasized that the downturn was not a 'MAGA problem' and highlighted that the Nasdaq index had peaked on what he termed 'DeepSeek day.' This statement aligns with a broader sentiment in the market, where stocks such as Microsoft, Apple, Nvidia, Google, Amazon, Meta, and Tesla have been identified as key contributors to the current market challenges. Bessent's remarks come as Wall Street experiences its worst week since 2020, with the S&P 500 index (SPX) down approximately 4%.