New Crown outbreak social blockade partially ends ‘home order’ related technology stocks fall

Stocks that are resistant to the virus epidemic were under downward pressure on Tuesday as investor confidence recovered from a possible new crown vaccine and economic re-opening,media reported. Despite Tuesday’s strong performance, shares in companies such as Netflix, Shopify, Peloton and Zoom closed lower, having benefited from the policy of consumers to avoid the local market.

New Crown outbreak social blockade partially ends 'home order' related technology stocks fall

Netflix shares, which hit a 52-week high last week, closed down 3.4 per cent today, e-commerce platform Shopify fell nearly 7 per cent after hitting a 52-week high, digital fitness fell nearly 9 per cent and Zoom, a video conferencing software company that attracted a large number of users, fell more than 4 per cent.

Society may reopen earlier, which could mean that consumers will revert to some of their old habits and spend less time at home.

New Crown outbreak social blockade partially ends 'home order' related technology stocks fall

“The spread of the virus seems to be under control,” Bruce Bittles, Baird’s chief investment strategist, wrote in a note to clients. “The social blockade has been relaxed, but the spread of the virus has not returned. “