Shares of companies like Peloton, the home fitness equipment maker, and Zoom Video, the online conference software that replaced face-to-face communications for countless schools and businesses, were darlings of the stock market for the better part of last year.

But as the economic reopening gains speed — aided by rising vaccination numbers and promising new treatments for those who get sick — some of the stocks at the center of the so-called stay-at-home trade collapsed.

“The markets clearly sense the pandemic is over,” said Ben Emons, managing director of global macro strategy for Medley Global Advisors. “We’re in a full reopening and we’re moving toward a normalized situation.”

That has been bad news for the share prices of some of last year’s hottest stocks.

Peloton stock, which rose about 470 percent last year, is down nearly 64 percent for the year. Other once-hot stocks have also skidded. Shares of the online education company Chegg plunged almost 50 percent in a single trading session on Nov. 2 and are off 67 percent in 2021. Zoom Video plummeted 17 percent on a single day in late August after it noted that strong demand for its products showed signs of easing as the pandemic abated.

Instead, many investors are shifting their attention to corners of the market they considered no-go zones last year, with businesses including airlines, live events companies and commercial real estate firms posting large gains.


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