Facebook CEO Mark Zuckerberg in 2017.
Shares of the major tech-related companies jumped early Wednesday as investors flocked toward Microsoft and the FAANG family, comprised of Facebook, Apple, Amazon, Netflix and Google parent company Alphabet, while the U.S. waited for a clear presidential winner.
Facebook stock was the biggest winner of the morning, as shares jumped more than 6%. Apple traded up nearly 3%. Amazon stock jumped more than 3.5%. Netflix traded more than 3% higher, while Alphabet’s stock was up more than 3.5%. Microsoft also traded up more than 3.5%. The moves were part of a broader market jump.
Investors attributed the move in tech to a number of factors, including the group’s consistently solid returns and safety appeal in times of uncertainty. The group also factored in 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 states remain uncalled. Democrats, meanwhile are projected to hold control of the House, while it’s unclear how the Senate race 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 Democrat congress could have weighed on the sector.
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