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Tech stocks resume skid as stimulus progress sparks next stage of value rotation

Tech stocks resume skid as stimulus progress sparks next stage of value rotation


AP Photo/Richard Drew



US equities closed mixed on Monday as the Senate's approval of a $1.9 trillion stimulus package revived investors' rotation to value and cyclical stocks.



Tech giants and growth names whipsawed through the session before giving up gains as traders flocked elsewhere.



Oil tumbled from early gains after a Saudi Arabian crude terminal was attacked in a Sunday drone strike.



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US stocks were mixed on Monday, with the Dow Jones industrial average up over 300 points while the Nasdaq composite continued its slide after the Senate's approval of a massive new relief package kicked off a new phase of the market-wide value rotation.Senators voted along party lines on Saturday to push a $1.9 trillion stimulus plan closer to President Joe Biden's desk. The package is expected to receive a final House vote later this week, giving Democrats time to enact an expansion to federal unemployment benefits before the current boost expires on March 14. The package also includes $1,400 direct payments, aid for state and local governments, and funding for vaccine distribution.The package is widely expected to accelerate economic growth and lift inflation. The Senate vote's renewed the mass exodus from defensive assets to riskier market plays. Investors temporarily bought the dip in tech stocks and lifted the sector before selling resumed and growth names whipsawed.Here's where US indexes stood at 4 p.m. ET market close on Monday:
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