Facebook CEO Mark Zuckerberg in 2017.
Shares of major tech-related companies soared early Wednesday as investors flocked to Microsoft and the FAANG family, including Facebook, Apple, Amazon, Netflix and Google’s parent company. is Alphabet, while the US waits for a clear presidential winner.
Facebook shares were the biggest winning stock in the morning, when shares rose more than 7%. Apple transactions up 4%. Amazon shares are up more than 5%. Netflix traded nearly 4% higher, while shares of Alphabet rose more than 6%. Microsoft also traded up more than 4%. These moves are part of the broader market jump.
Investors attributed this technology move to a number of factors, including steady returns and the secure appeal of the corporation in times of uncertainty. The group also considered the possibility that Congress could still be divided, which would make the law against Big Tech harder to pass.
NBC News has yet to predict the results of the presidential election, as some states have yet to be questioned. The Democrats meanwhile are expected to take control of the House of Representatives, while it remains unclear how the race to enter the Senate will play out.
Some investors also view the possibility of Republicans holding the Senate as a positive for technology stocks, as higher capital income taxes from the Democratic congress are likely to affect the sector. .
Register CNBC PRO for access to CNBC̵7;s ongoing live broadcasts and business news.