Amazon, Netflix and other bull market favorites dive in early trading

Shares of Amazon, Netflix and other popular tech stocks fell in the premarket Monday as investors took profits in some of their biggest bull market winners amid a steep market sell-off.

Amazon traded 2 percent lower before the bell, while Netflix declined 3.1 percent. Google-parent Alphabet, Facebook and Apple pulled back 1.8 percent, 1.6 percent and 1.3 percent, respectively.

These stocks followed the broader U.S. stock market lower. Dow Jones industrial average futures fell more than 200 points, with S&P 500 and Nasdaq 100 futures also falling sharply.

Investors have poured loads of money into these stocks over the past year. In the past 12 months, these stocks have all soared at least 24 percent.

Their gains have also been key in lifting the broader market to record highs over the past year. Amazon, Netflix, Alphabet, Facebook and Apple have all benefited from strong quarterly results in the past year.

Amazon shares surged earlier last week after it said fourth-quarter revenue surged 38 percent and topped Wall Street estimates. And Amazon is universally liked on Wall Street with 34 analysts rating the stock buy and two give it a hold, according to Zero analysts give it a sell.

But none of that mattered Monday as investors looked to sell their biggest winners in order to raise capital amid the sell-off.

No Comments

Post A Comment