Facebook stock was the biggest winner of the early afternoon, as shares jumped more than 8%. Apple traded up more than 4%. Amazon stock jumped around 6%. Netflix traded more than 2.5% higher, while Google parent Alphabet’s stock was up more than 7%. Microsoft also traded up more than 5%. The moves were part of a broader market jump.
Investors attributed the move in tech to factors including the group’s consistently solid returns and safety appeal in times of uncertainty. Another dynamic is the possibility that Congress could remain split, which would making sweeping legislation against Big Tech harder to pass.
NBC News has not yet projected the presidential election results, as several key states remain uncalled. Democrats are projected to hold control of the House, while it’s unclear how the Senate will play out.
Some investors also viewed the potential for Republicans to hold onto the Senate as a positive for tech stocks, since higher capital gains taxes from a Democratic Congress could have weighed on the sector.
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A Global Asset Management Seoul Korea Magazine