People pass by a video sign display with the logo for Roku, a Fox-backed video streaming firm, that held it’s IPO at the Nasdaq Marketsite in New York, September 28, 2017.
Brendan McDermid | Reuters
The biggest stock winners this year are leading the market decline on Monday as investors dumped momentum stocks after market sentiment turned sour.
The top 10 performers this year in the S&P 500 are all in the red on the first trading day of December. Roku, which was up five-fold this year through Friday, tanked more than 16% Monday after a downgrade from Morgan Stanley.
The S&P 500 fell from its record high on Monday after the worse-than-expected manufacturing data sparked risk-off mood. The iShares Edge MSCI USA Momentum Factor ETF (MTUM), one of the biggest momentum-focused exchange traded funds with more than $9 billion of assets under management, fell 1.3% on Monday, more than the broader market. The ETF holds Visa and Mastercard, which both fell more than 2%.