A group of popular "stay at home" stocks are slumping as investors cheer the US economy reopening.
In March, the US went into strict and sweeping lockdowns to contain the spread of the new coronavirus, sending millions of workers home and closing businesses across the country. That sent a group of "stay at home" stocks climbing, as investors piled into shares of companies that consumers would most likely rely upon to wait out the pandemic.
But over the last month, states have been slowly reopening parts of their economies, allowing consumers to venture out of their homes again. As of Memorial Day weekend in the US, all 50 states had relaxed at least some of the sweeping lockdown restrictions.
That's sent investors rushing out of stocks they'd piled into roughly two months earlier that were poised to gain amid the lockdown. The losses were concentrated in tech stocks, with Netflix and Zoom leading the pack, and pulled the Nasdaq lower in intraday trading Wednesday.
On the flip side, stocks that were punished amid the coronavirus lockdowns rallied Wednesday — shares of major cruise lines gained at least 10%.
Here are five popular "stay at home" stocks and how much they've slumped in the five trading sessions since May 20 through intraday lows Wednesday.
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