The tech industry and politicians are now well into a year of debating and now even campaigning about the proper role for the industry – there is growing concern about privacy and influence in the US economy. Shares in tech stocks were smashed overnight and the total last was $130 billion in market value which led to a 1.6% drop in the Nasdaq Composite. There were reports, on Friday the Justice Department was said to be preparing an investigation on Google.
And with Amazon shares falling, Alphabet falling 6.1%, and Facebook falling 7.5% the FANG world is now absorbing the full fear of the US anti-trust threats. Now there are growing concerns that the US anti-trust investigations will start to spread out into the Tech sector and trigger a wide reaching sell-off while the US and China face off in trade – this can only spell trouble for global equity. More on this topic in the coming weeks.