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Tech stocks fall, offsetting sharp gains in financials

FANG stocks
CNBC | Getty Images

The pain is not over yet for technology stocks.

The S&P 500's information technology sector fell 1.71 percent on Monday, offsetting a rise of 2.29 percent in financials.

The tech sector, one of the best-performing sectors of 2016, has taken a beating since Republican Donald Trump shocked the world to win the presidential election, falling more than 2 percent since then.

S&P tech sector since 11/8Source: FactSet

Several big-name tech stocks, including Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google's parent firm Alphabet) have taken a hit since the election.

"Silicon Valley was not that supportive of Donald Trump, so I think there are some policy fears there," said Brian White, an analyst at Drexel Hamilton. "Silicon Valley was mostly supportive of [Hillary] Clinton. ... So there was more of a shock there than in other industries."

On Sunday, The Global Times, a state-owned newspaper in China, warned the Chinese government could take retaliatory measures against U.S. companies if Trump slapped a large import tariff on Chinese products.

Aside from the tech decline, the broader U.S. stock market has surged since Nov. 8, with the Dow Jones industrial average and S&P 500 rising 3.45 percent and 1.73 percent, respectively.

White said he's not fundamentally concerned regarding the tech sector, saying "I highly doubt we're going to go into a trade war with China, which would not help anyone."