Big Tech share prices jumped 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 day, as shares closed up more than 8%. Apple traded up 4%. Amazon stock jumped more than 6%. Netflix traded 2% higher, while Google parent Alphabet's stock was up more than 6%. Microsoft also closed up nearly 5%. 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 key states remain uncalled. Democrats are projected to hold control of the House, while it's unclear how the Senate 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 Democratic Congress could have weighed on the sector.
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