Huge tech shares begin 2021 with a dip amid a wider sell-off
Traders work on the trading floor of the New York Stock Exchange.
Shares in the largest tech companies fell on the first day of trading in 2021, a bumpy start for the sector that posted some of the highest gains over the past year.
Big Tech’s decline on Monday came amid a wider market sell-off driven by rising Covid-19 cases and anticipation of the Georgia runoff on Tuesday. Democratic gains could lead to higher tax rates and more progressive policies that could put stocks under pressure, Oppenheimer’s John Stoltzfus said Monday. The Dow Jones Industrial Average closed 1.3% while the S&P 500 fell 1.5%.
Here’s a quick look at what big tech stocks did on Monday compared to the close of 2020:
- Apple stock closed 2.47% after falling 4.47% during the day. The company was among the best performing stocks in 2020, up 80.7% as consumers flocked to its products to complement a remote lifestyle.
- Amazon, the other big 2020 winner, lost 2.16%. The company had grown to be a major e-commerce company amid the coronavirus pandemic, and its stock rose 76.3% in 2020.
- Streaming titan Netflix led the declines on Monday, falling 3.3%. The company had been a haven for people looking for entertainment at home. Investors sent the stock 67.1% in 2020.
- Microsoft was the hardest hit, down 2.13%, and Alphabet was down 1.51%. Both companies had a strong 2020 with their stocks rising 41% and 30.9% respectively over the year.
- Facebook stock fell 1.54% on Monday after the stock closed in 2020 and gained 33.1%.
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