Tech Stocks down of the first impression of newly elected president

The first impression on the stock market after the newly elected president was in the red. Contrary to most pre-election polls, Donald Trump has beaten Hillary Clinton in the U.S. presidential election and will become the next President of the United States. While Trump’s supporters celebrated the surprise victory, others expressed their fears of what a Trump presidency might entail both politically and economically. As the political situation is now cooling down, and the stock is trading in this trend, but the first day was a turmoil for the tech stocks.

The tech industry was one of the sectors that were most clearly outspoken against Donald Trump during the long campaign, with many companies openly endorsing his Democratic opponent Hillary Clinton. Trump’s protectionist tendencies and plans of revisiting long-standing trade agreements could significantly hurt companies such as Apple who largely rely on Asian suppliers and manufacturing partners.

When the stock market opened several hours after the result was officially called on Wednesday morning, the initial market reaction to Trump’s surprising win wasn’t as severe as many had expected. While most major tech stocks had fallen below yesterday’s closing prices when the market officially opened, the crash that many had feared in case of a Trump victory failed to materialize.