Tech Stocks Gain But Apple and Meta Lag Behind Amid Election results
The market looks to be broadly positive about the prospects for technology stocks during a second term as president for Donald Trump but the prospect of tariffs appeared to be weighing on Apple, while Meta Platforms was suffering.
The largest tech companies were largely participating in the rally caused by Trump’s likely victory. Google-parent Alphabet was climbing 2.1%, with investors perhaps hoping for an easing of antitrust pressures on the company. Microsoft and Amazon.com were also rising.
“We would expect significant AI initiatives from the Beltway within the US that would be a benefit for Microsoft, Amazon, Google, and other tech players [during a Trump presidency],” wrote Wedbush analyst Daniel Ives in a research note.