05 Feb Amazon, Netflix and other bull market favorites slide in early trading
Shares of Amazon, Netflix and other popular tech stocks fell Monday as investors took profits in some of their biggest bull market winners amid a steep market sell-off.
Amazon traded 0.8 percent lower, while Netflix declined 1.6 percent. Google-parent Alphabet and Facebook pulled back 1.7 percent and 0.6 percent, respectively. Apple briefly fell as much as 1.5 percent, before trading 1.6 percent higher.
These stocks followed the broader U.S. stock market lower. The Dow Jones industrial average fell more than 200 points and the S&P 500 declined. The Nasdaq composite turned higher.
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 jumped 38 percent, topping Wall Street estimates. And Amazon is universally liked on Wall Street with 34 analysts rating the stock buy and two giving it a hold, according to TipRanks.com. 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.