Big Tech shares start 2021 with drop amid wider sell-off

Shares of the biggest tech companies fell on the first trading day of 2021, a bumpy start for the sector which recorded some of the highest gains last year.

Big Tech’s drop on Monday came against the backdrop of a broader market liquidation, attributed to rising Covid-19 cases and the anticipation of Tuesday’s election in Georgia. Democratic victories could lead to higher tax rates and more progressive policies, which could put pressure on stocks, Oppenheimer’s John Stoltzfus said on Monday. The Dow Jones Industrial Average traded 1.3% lower, while the S&P 500 was down 1.5%.

Here’s a look at what the big tech stocks did on Monday versus how they closed 2020:

• Apple shares closed 2.47% lower after falling 4.47% on the day. The company was among the top performing stocks in 2020, gaining 80.7%, as consumers flocked to its products to complement a distant lifestyle.
• Amazon, the other big winner of 2020, closed 2.16% lower. The company had emerged as a key player in e-commerce amid the pandemic, and its stock rose 76.3% in 2020.
• Streaming titan Netflix led Monday’s declines and closed 3.3% lower. The business was a paradise for people looking for home entertainment. Investors pushed the stock up 67.1% in 2020.
• Microsoft was among the toughest, closing down 2.13%, and Alphabet traded 1.51% less. Both companies enjoyed a strong 2020, with shares rising 41% and 30.9% on the year, respectively.
• Facebook shares fell 1.54% on Monday after closing its 2020 share up 33.1%.

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