Why Alcoa Stock Rose Today, But Shopify and Zoom Video Shares Dropped
The Dow Jones index of blue chip industrial stocks climbed 1.3% on Monday while the tech heavy Nasdaq slumped 0.4%. Shares of tech stars Shopify (NYSE: SHOP) and Zoom Video Communications (NASDAQ: ZM) dropped 4.5% and 3.4%, respectively, but industrial stalwart Alcoa (NYSE: AA) climbed to close 6.1% higher. According to MarketWatch, there's a rotation underway, as investors sell off high-growth companies deemed to be tech stocks, which have run up significantly since the market plumbed its lows in March, and instead shift their money into cyclical companies like Alcoa, which haven't yet managed to return to their highs before the COVID-19 sell-off.
