2020 was a great year for the Nasdaq Composite (NASDAQINDEX: ^IXIC). But at least based on the first trading day of the year, 2021 might not be as friendly to investors who bet big on a bull market rebound from the coronavirus bear market in March. The Nasdaq pulled back from record highs, falling 2.5% as of 12:30 p.m. EST.
Most of the Nasdaq’s biggest names fell dramatically as well. Yet amid the carnage, two stocks rose to the top — just as they did in 2020. Zoom Video Communications (NASDAQ: ZM) and Tesla (NASDAQ: TSLA) defied the negative news for the new year and pushed higher, and many think the two companies might well have a lot more upside in the months and years to come.
Shares of Zoom Video Communications were up more than 4% on Monday afternoon. The video conferencing specialist became an essential service in 2020, and signs suggest that might not change anytime soon.