Why Gig Economy Stocks Plunged on Monday

The market overall had a great start to the week on Monday with the S&P 500 index climbing 1.2% during the day. But shares of gig economy stocks, which benefit from temporary, short-term work, got pummeled, a reversal of how they have performed so far in 2020.

Shares of Grubhub (NYSE: GRUB) fell as much as 11.7% today, Fiverr International (NYSE: FVRR) was down as much as 19.1%, and Upwork (NASDAQ: UPWK) dropped up to 14.6%. The stocks were down 11.1%, 18.5%, and 4.4%, respectively, at market close.

Image source: Getty Images.

Source Fool.com