- Tech stocks are getting hit on Monday, as other sectors get a boost from tax reform passing the Senate.
- Some investors are rotating their money from tech to other areas, like financial stocks.
- Watch the Nasdaq 100 trade in real time here.
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
about the Senate’s tax plan here.
SEE ALSO: Tax reform is sending bank stocks higher
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