{"id":148410,"date":"2021-01-06T16:52:23","date_gmt":"2021-01-06T13:52:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/big-tech-stocks-drop-as-investors-eye-georgia-senate-races\/"},"modified":"2021-01-06T16:52:23","modified_gmt":"2021-01-06T13:52:23","slug":"big-tech-stocks-drop-as-investors-eye-georgia-senate-races","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/big-tech-stocks-drop-as-investors-eye-georgia-senate-races\/","title":{"rendered":"#Big tech stocks drop as investors eye Georgia Senate races"},"content":{"rendered":"

“#Big tech stocks drop as investors eye Georgia Senate races<\/strong>”
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Big tech stocks fell sharply Wednesday as Democratic gains in Georgia stoked fears that the feds could tighten regulations on the industry\u2019s dominant players.<\/p>\n

Futures contracts linked to the tech-heavy Nasdaq 100 index tumbled about 1.3 percent as of 8:12 a.m. with Democrats poised to flip both the Peach State\u2019s Senate seats \u2014 likely giving them control of a chamber that could help President-elect Joe Biden rein in tech titans and hike corporate taxes.<\/p>\n

The Rev. Raphael Warnock beat incumbent Republican Sen. Kelly Loeffler, and fellow Democrat Jon Ossoff had a narrow lead over Sen. David Perdue in their too-close-to-call race.<\/p>\n

Shares in the so-called FAANG tech stocks \u2014 Facebook<\/a>, Amazon, App<\/a>le, Netflix and Google parent Alphabet \u2014 all fell further than the Nasdaq in premarket trading. Facebook was the biggest loser, dropping about 2.4 percent to $264.40 as of 8:19 a.m.<\/p>\n

\u201cWith a Senate now likely controlled by Democrats we would expect much more scrutiny and sharper teeth around FAANG names with potential (although still a low risk) legislative changes to current anti-trust laws now on the table,\u201d said Dan Ives, a tech analyst at Wedbush Securities.<\/p>\n

Lawmakers on both sides of the aisle have ramped up pressure on big tech companies in recent years over concerns that they\u2019ve used their power and size to squash competition.<\/p>\n

Federal and state authorities have brought antitrust lawsuits against Google and Facebook in recent months. Moreover, Biden has expressed support for revoking Section 230 of the Communications Decency Act, which shields social networks like Twitter and Facebook from legal liability for their users\u2019 posts.<\/p>\n

But it may not be easy for Democrats to crack down on tech giants because they will control Congress by such a small margin, according to David Bahnsen, chief investment officer of The Bahnsen Group. Warnock and Ossoff\u2019s victories would give Democrats and Republicans 50 Senate seats each, with Democratic Vice President-elect Kamala Harris poised to serve as a key tie-breaking vote.<\/p>\n

\u201cThe Democrats\u2019 small lead in both the Senate and the House will make it tougher than many believe to pass tax hikes, impose regulation and enact some of the other market unfriendly policies that investors have been worried about under a Blue Wave scenario,\u201d Bahnsen said. <\/p>\n

\u201cI suspect the initial market reaction in the tech sector to the Georgia Senate results is more of a growth-into-value story rather than a tech regulation story, as there is arguably greater appetite for Silicon Valley regulation in the GOP.\u201d<\/p>\n

With Post wires<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Big tech stocks drop as investors eye Georgia Senate races” Big tech stocks fell sharply Wednesday as Democratic gains in Georgia stoked fears that the feds could tighten regulations on the industry\u2019s dominant players. Futures contracts linked to the tech-heavy Nasdaq 100 index tumbled about 1.3 percent as of 8:12 a.m. with Democrats poised to…<\/p>\n","protected":false},"author":1,"featured_media":148411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/stocks-senate.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[88638,10701,72472,70289,70359,4965,70360],"class_list":["post-148410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-6-21","tag-democrats","tag-georgia","tag-senate","tag-stocks","tag-technology","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/148410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=148410"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/148410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/148411"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=148410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=148410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=148410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}