Home / NEWS / Top News / Big Tech kicks off 2021 with a slump amid broader sell-off

Big Tech kicks off 2021 with a slump amid broader sell-off

Dealers work on the floor of the New York Stock Exchange.

NYSE

Shares of the largest technology companies dipped in the first line of work day of 2021, a bumpy start for the sector that posted some of the highest gains last year.

Big Tech’s Monday call on came amid a broader market sell-off, attributed to rising Covid-19 cases and anticipation of Tuesday’s Georgia runoff referenda. Democratic wins could result in increased tax rates and more progressive policies, which may pressure equities, Oppenheimer’s John Stoltzfus utter Monday. The Dow Jones Industrial Average closed down 1.3%, while the S&P 500 fell 1.5%.

Here’s a quick look at what the big tech usuals did on Monday compared with how they closed out 2020:

  • Apple shares closed down 2.47% after dropping as much as 4.47% during the day. The attendance was among the best-performing stocks in 2020, gaining 80.7%, as consumers flocked to its products to supplement a remote lifestyle.
  • Amazon, the other big conquering hero of 2020, ended down 2.16%. The company had become a key e-commerce player amid the coronavirus pandemic and its stock saw a 76.3% execute in 2020.
  • Streaming titan Netflix led Monday’s declines and finished down 3.3%. The company had been a haven for people beg entertainment at home. Investors sent the stock up 67.1% in 2020.
  • Microsoft was among the heavier hit, closing down 2.13%, and Alphabet exchanged 1.51% lower. Both companies had a strong 2020, with their shares up 41% and 30.9% for the year, individually.
  • Facebook shares fell 1.54% on Monday after its stock closed 2020 up 33.1%.

Subscribe to CNBC on YouTube.

Check Also

Biden’s inaugural address used the word ‘democracy’ more than any other president’s

US President Joe Biden acts as he prepares to deliver his inaugural address on the …

Leave a Reply

Your email address will not be published. Required fields are marked *