Traders work on the floor of the New York Stock Exchange.
NYSE
Shares of the largest tech companies fell on the first trading day of 2021, a rough start for the sector that recorded some of last year’s highest gains.
Monday’s fall in Big Tech came amid broader market sales, attributed to the rise in Covid-19 cases and the anticipation of Georgia’s second-round election on Tuesday. Democratic victories could lead to an increase in tax rates and more progressive policies, which could put pressure on actions, Oppenheimer’s John Stoltzfus said Monday. The Dow Jones Industrial Average traded down 1.3%, 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 closed 2020:
- Shares of Apple closed up 2.47% after falling to 4.47% on the day. The company ranked among the best performing stocks in 2020 and gained 80.7% as consumers flocked to its products to complement a remote lifestyle.
- Amazon, the other big winner of 2020, closed up 2.16%. The company had become a key player in e-commerce in the midst of the pandemic and its shares rose 76.3% in 2020.
- The Netflix streaming title led Monday’s falls and closed 3.3%. The company had been a haven for people looking for home entertainment. Investors increased their share of 67.1% in 2020.
- Microsoft was among the hardest hit and closed at 2.13%, and Alphabet changed 1.51%. Both companies had a strong 2020, with shares rising 41% and 30.9% year-on-year, respectively.
- Facebook shares fell 1.54% on Monday after closing their shares in 2020, up 33.1%.
Subscribe to CNBC on YouTube.