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The stocks of the biggest tech companies fell on the first trading day of 2021, a rough start for the sector that saw some of the biggest gains last year.
Big Tech’s fall on Monday came amid a broader market sale, attributed to the increase in Covid-19 cases and the anticipation of the runoff elections in Georgia on Tuesday. Democratic victories could result in higher tax rates and more progressive policies, which could put pressure on stocks, John Stoltzfus of Oppenheimer said on Monday. The Dow Jones Industrial Average traded 1.3% below, while the S&P 500 fell 1.5%.
Here’s a quick look at what the big tech stocks did on Monday compared to how they ended 2020:
- Apple shares closed down 2.47%, after falling to 4.47% on the day. The company was among the best performing stocks in 2020, gaining 80.7%, as consumers migrated to its products to complement a remote lifestyle.
- Amazon, another big winner in 2020, closed down 2.16%. The company had become a major player in e-commerce in the midst of the pandemic and its stock rose 76.3% in 2020.
- The streaming titan Netflix led the falls on Monday and closed at 3.3%. The company was a paradise for those looking for fun at home. Investors sent the shares up 67.1% in 2020.
- Microsoft was among the heaviest, closing with a 2.13% drop, and Alphabet traded below 1.51%. Both companies had a strong year of 2020, with shares appreciating 41% and 30.9% in the year, respectively.
- Facebook shares fell 1.54% on Monday after its shares closed 2020 with a 33.1% rise.
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