Facebook CEO Mark Zuckerberg in 2017.
Big Tech share prices jumped early Wednesday as investors flocked to Microsoft and the FAANG family — Facebook, Apple, Amazon, Netflix and 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 7%. Apple traded up 4%. Amazon stock jumped more than 5%. Netflix traded nearly 4% higher, while Google parent Alphabet’s stock was up more than 6%. Microsoft also traded up more than 4%. 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 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.
Subscribe to CNBC PRO for access to the livestream of CNBC’s continuous election and business news coverage.