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A blue sweep of Georgia that puts the Senate in Democratic control would be a “clear negative” for big tech, Wedbush analyst Daniel Ives said, raising the potential for greater antitrust regulations in the sector.
Facebook Inc (NASDAQ:FB). shares dropped 2.4% premarket, while Amazon.com Inc (NASDAQ:AMZN)., Apple Inc (NASDAQ:AAPL)., Netflix Inc (NASDAQ:NFLX)., Alphabet (NASDAQ:GOOGL) Inc. and Microsoft Corp (NASDAQ:MSFT). fell less than 2%. Nasdaq 100 futures fell 1.4% while S&P 500 futures were trading lower by 0.3%.
“We would expect much more scrutiny and sharper teeth around Faang names with potential (although still a low risk) legislative changes to current antitrust laws now on the table,” Ives said.
(Adds Nasdaq 100 futures, chart; updates share moves.)
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