The US stock market fell on Monday after ending 2020 at an all-time high.
Apple led the shares of major technology companies down on the first trading day of the year, suffering its worst slide in more than two months amid a sell-off in the market.
Shares of the iPhone maker fell as much as 4.5% on Monday, en route to their biggest loss since October 31. Shares of Amazon, Microsoft, Alphabet, and Facebook fell at least 2.6%, compared with a 2.5% drop in the S&P 500 index.
The US stock market fell on Monday after ending 2020 at an all-time high. Large-cap tech stocks, including Apple and Amazon, which were among the best performers last year, were particularly hit by the sell-off, driven by concerns that a surge in coronavirus cases could hamper the nascent recovery economically.
Apple was the group’s best-performing stock in 2020 after growing optimism about device and service sales helped fuel a December rally that cemented its lead over Amazon with an 81% increase. Amazon ended the year with a 76% profit.