Facebook CEO Mark Zuckerberg in 2017.
Shares of major tech-related companies gained momentum on Wednesday as investors turned to Microsoft and the FAANG family, including Facebook, Apple, Amazon, Netflix and Google parent company Alphabet, while the US awaited a clear presidential winner having had.
Facebook stock was the biggest winner of the morning, as shares jumped more than 7%. Apple traded 4%. Amazon stock jumped more than 5%. Netflix traded around 4% higher, while Alphabet’s stock was up more than 6%. Microsoft also made more than 4% of its business. The moves were part of a broader market leap.
Investors attributed Tech’s move to a number of factors, including the group’s consistently solid returns and security appeals in times of uncertainty. The group also misconstrued the possibility that Congress could split, which would enact comprehensive legislation against Big Tech to pass.
NBC News has yet to predict the results of the presidential election, as many states are undocumented. Meanwhile, Democrats are projected to take control of the House, while it is unclear how the Senate race will play out.
Some investors saw Republicans’ ability to hold on to the Senate as positive for tech stocks, as a Democrat could weigh on the higher capital gains tax area from Congress.
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