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Shares of the largest technology companies fell on the first trading day of 2021, a rough start for the sector, which saw some of its biggest gains last year.
Monday’s drop in Big Tech came amid broader market sales, attributed to rising Covid-19 cases and the anticipation of Tuesday’s Georgia election. Democratic gains could lead to higher tax rates and more progressive policies, which could put pressure on stocks, Oppenheimer’s John Stoltzfus said Monday. The Dow Jones industrial average traded 1.3% lower, while the S&P 500 fell 1.5%.
Here’s a quick look at what large technology stocks did on Monday compared to how they closed 2020:
- Shares of Apple closed up 2.47% after falling by up to 4.47% that day. The company was among the best performers in 2020, gaining 80.7% as consumers came to its products to supplement a distant lifestyle.
- Amazon, the other big winner in 2020, closed 2.16%. The company has become a key player in e-commerce amid the pandemic, and its shares rose 76.3% in 2020.
- Netflix titanium streaming led Monday’s declines and closed 3.3%. The company had been a haven for people looking for home entertainment. Investors increased their shares by 67.1% in 2020.
- Microsoft was among the hardest hit, closing with 2.13%, and Alphabet traded 1.51% lower. Both companies had a strong 2020, with shares increasing by 41% and 30.9% respectively in that year.
- Facebook shares fell 1.54% Monday after closing its shares in 2020, up 33.1%.
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