Tech stocks are taking a beat on Monday, and the tech-heavy Nasdaq 100 is down 0.60%. Meanwhile, the S&P 500 is trading at record highs, up 0.50%.
Tech stocks are continuing their slide from last week as investors rotate into other areas. The decline in tech mirrored a rise in financials, as many of the major Wall Street firms were higher on Monday after the US Senate passed their version of a tax overhaul.
The Tax Cuts and Jobs Act was passed early on Saturday and lowers the corporate tax rate from 35% to 20%, which could provide a boost to corporate earnings. The bill also allows companies to pay a 10% tax on deferred cash (or cash-equivalent) earnings, and 5% on reinvested earnings in order to bring back cash stashed overseas.
The bill still has to be reconciled with the House version of the bill before being sent to the president.
Here’s a roundup of how the biggest names in Tech were moving on Monday:
- Amazon (AMZN) -2.09% to $1,1139.75
- Facebook (FB) -2.26% at $171.44
- Apple (AAPL) +0.11% at $171.30
- Netflix (NFLX) -2.92% at $181.36
- Snap (SNAP) -2.16% at $13.57
- Alphabet (GOOGL) -1.25% at $1,010.90
- Twitter (TWTR) -1.62% at $20.38
- Microsoft (MSFT) -2.73% to $81.95
- Tesla (TSLA) -0.85% at $303.92
