Why Stay-at-Home Stocks Fell Today
Several prominent stay-at-home stocks that benefited from trends spurred by the COVID-19 pandemic were losing ground Monday amid a broad sell-off of growth companies in the technology sector. The tech-heavy Nasdaq Composite is meaningfully underperforming both the Dow Jones Industrial Average and the S&P 500. Additionally, progress in vaccine distribution has led to an encouraging decline in the daily new case numbers, and investors are now questioning how sustainable demand for these companies' offerings will be as the pandemic slowly subsides.
As of 1:40 p.m. EST, here's how these stocks were performing:
On the vaccine front, New York City has now administered more than 1.5 million doses, according to Mayor Bill de Blasio. The Food and Drug Administration has announced that vaccines designed for new coronavirus variants will not require lengthy clinical trials, which should accelerate their development timelines. In an encouraging sign, new cases in the U.S. have been steadily sinking over the past month, though they only in recent days dropped back below the levels where last summer's spike peaked.
Source Fool.com
