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Shares of the largest technology companies fell on the first trading day of 2021, a bumpy start for the industry that posted some of the highest gains last year.
Big Tech’s drop on Monday came amid a broader market sell-off attributed to surging Covid-19 cases and anticipation of Tuesday’s election in Georgia. Democratic wins could result in higher tax rates and more progressive policies, which could put pressure on stocks, Oppenheimer’s John Stoltzfus said Monday. The Dow Jones Industrial Average was down 1.3%, while the S&P 500 was down 1.5%.
Here’s a quick look at what the big tech stocks did on Monday compared to how they closed 2020:
- Apple shares closed 2.47% after falling 4.47% in a day. The company was among the top performing stocks in 2020, with a gain of 80.7% as consumers flocked to its products to complement a secluded lifestyle.
- Amazon, the other big winner of 2020, closed 2.16%. The company had become a major e-commerce player in the midst of the pandemic, and its stock rose 76.3% in 2020.
- Streaming titan Netflix led Monday’s declines, closing out 3.3%. The company had been a haven for those seeking entertainment at home. Investors sent the share up 67.1% in 2020.
- Microsoft was one of the hardest hit with a decline of 2.13%, while Alphabet was down 1.51%. Both companies experienced a strong 2020, with an increase of 41% and 30.9% respectively in the year.
- Facebook shares fell 1.54% on Monday after the stock closed 33.1% in 2020.
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