Shares of the iShares Dow Jones US Technology ETF (IYW) - Get Report , an index composed of U.S. equities in the technology sector, closed lower on Monday following the Supreme Court's decision allowing President Donald Trump's travel ban to take partial effect.
The IYW consists of large cap tech holdings including Apple (AAPL) - Get Report , Microsoft (MSFT) - Get Report , Facebook (FB) - Get Report , and Alphabet (GOOGL) - Get Report , whose stocks all closed in the red on Monday.
Shares of Facebook closed lower by 0.95% to $153.59, shares of Apple closed lower by 0.31% to $145.82, Alphabet closed lower by 1.42% to $972.09, and shares of Microsoft closed lower 0.95% to $70.53.
All four companies have in the past opposed the proposed travel ban as it placed restrictions on visas for visitors from seven countries.
Those companies hire skilled workers through the H-1B Visa program, which allows foreign workers to work in the U.S. legally.
The travel ban would impact that hiring process as it would block companies trying to hire employees from the banned countries.
On Monday, the Supreme Court allowed the ban to go into effect for foreign nationals who lack any "bona fide relationship with any person or entity in the United States."
The Court will hear oral arguments on the case this fall.
What's Hot On TheStreet
Unusual to hear these words: Under Armour's (UAA) - Get Report founder Kevin Plank has never been one to sound weak in a public setting. Plank is known for his motivational speeches to employees and desire to crush all competition. So, it was odd to hear Plank say rival Nike (NKE) - Get Report"isn't playing fair" on the Today Show on Sunday -- it sounded like a CEO who after several below plan quarters is finally realizing how challenging it will be to dethrone Nike.
Hat tip to Ford: A noted supporter of recycling, auto legend Henry Ford would be proud to know his spirit of conservation is still alive and well in the company that bears his name.
And in fact, as TheStreet learned on a recent trip to Ford's (F) - Get Report Dearborn, MI. headquarters, the founder's recycling efforts have been taken to a whole other level. Within Ford's Plastics and Materials Sustainability Research Department, which is tasked with finding ways to create auto parts from things found in the Earth such as soybeans and agave plants, senior technical leader Deborah Mielewski showed off a new coin tray made from shredded cash.
It took about $400 of cash to make the coin tray, said Mielewski.
Shout out to the 1990s: It may be time to cash in those Tesla (TSLA) - Get Report stock gains and go out and buy one of these new classic cars, TheStreet reports. There are several models from 1992, including the early version of the Dodge Viper, that are starting to take off in value.
Nestle rips to a high: Shares of chocolate maker Nestle touched an all-time high Monday after activist investor Third Point, led by Dan Loeb, revealed it had built a stake in the group and pressed for asset sales and increased buybacks. The stake is worth more than $3.5 billion, making Third Point one of Nestle's top 10 shareholders. For Loeb, this is one of his boldest bets yet as he tries to shake up the staid consumer packaged goods giant.
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