On a bullish day for the overall stock market on Monday, many stocks soared higher, but some fell sharply. Tech stocks DocuSign (NASDAQ: DOCU) , CrowdStrike Holdings (NASDAQ: CRWD) , and Wix.com (NASDAQ: WIX) are among those that were hit particularly hard. As of noon EST, the three stocks were down about 11%, 6%, and 10%, respectively.
The three tech stocks are down primarily on news of successful human trials for a COVID-19 vaccine. A vaccine developed by Pfizer and BioNTech has helped prevent over 90% of symptomatic infections for tens of thousands of subjects, Bloomberg reported early Monday morning. Some investors may be betting that the tailwinds driving organizations' digital transformations as people shelter at home could moderate when a vaccine comes to market, potentially to the detriment of these companies.
Image source: DocuSign.
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Why DocuSign, CrowdStrike, and Wix.com Stocks Fell on Monday