President-elect Donald Trump met with technology CEOs Wednesday and took credit for a market 'bounce' since the Nov. 8 election. However, many technology companies are actually under-performing the general market.
"I'm here to help you folks do well. And you're doing well right now. And I'm very honored by the bounce. They're all talking about the bounce. So right now everyone in this room has to like me just a little bit," Trump said in the session.
The Nasdaq composite is up 4.7 percent compared to the up 5.3 percent since the election.
Other than Intel, almost every technology company run by those in the room with Trump under-performed the market with Amazon, Cisco and Facebook with negative returns.
Investors are worried about Trump's protectionist trade policies and have been shifting exposure to more commodity and industrial equities.
In fact legendary investor Stan Druckenmiller told CNBC Nov. 11 he shifted away from technology stocks after Trump's election:
"I have a large bet on economic growth. ... I'm short bonds globally. ... I'm short U.S. bonds [due to stronger future growth]. I like the sectors of the equity market that respond to growth [like] value and materials, not things like staples or traditional growth stocks. ... I really like the [U.S.] dollar, particularly against the euro."
