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Tech Down Amid Rotation Into Retail, Energy Sectors -- Tech Roundup

11/09/2020 | 05:40pm EST

Shares of technology companies fell as traders rotated out of "stay-at-home" investment portfolios, responding to positive data on a vaccine trial.

The "mega cap" tech stocks that had defied economic logic and gained value throughout the Covid-19-induced recession so far lost ground Monday as investors rotated into hard-hit sectors such as retail and energy.

Apple and Microsoft both retreated as the digital economy was seen as losing some of its paramount importance in light of vaccine availability.

Shares of Zoom Video Technologies, a company that had thrived during pandemic lockdowns, plunged by more than 15%.

Amazon.com, another company that saw demand for its goods and services increase during the pandemic, fell by 5%.

Social networks such as Facebook and Snapchat owner Snap slid as in-person socializing threatened to re-emerge as competition to virtual interaction.

Among the tech companies seen as gaining the most from a return to normality are the ride-hailing apps: Lyft and Uber Technologies both rose sharply.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-09-20 1739ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.45% 134.53 Delayed Quote.-3.66%
FACEBOOK INC 0.31% 269.8044 Delayed Quote.-2.08%
LYFT, INC. -0.16% 48.91 Delayed Quote.-0.39%
MICROSOFT CORPORATION -0.11% 223.44 Delayed Quote.-2.69%
PARAMOUNT CORPORATION 0.62% 0.81 End-of-day quote.-1.82%
SNAP INC. 1.99% 53.79 Delayed Quote.4.25%
UBER TECHNOLOGIES, INC. -0.32% 56.27 Delayed Quote.10.55%
ZOOM VIDEO COMMUNICATIONS, INC. 0.32% 382.03 Delayed Quote.13.48%
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