There was a slump in shares of tech giants on the broad market on Monday as investors looked to for higher regulation linked to the most stable market winners.
The S&P 500 fell 0.8%, after hitting a high on Friday. The tech-heavy Nasdaq fell 1.4%. The Dow Jones industrial average peaked at 164 points, or 0.5%.
Heavy technology has failed in the general market. The capital’s storm with President Trump’s supporters is expected to boost Congressional efforts to control big technology. Facebook has banned President Trump non-stop, while Apple, Amazon.com and Alphabet Inc. supports Google for the Parler social media app.
Facebook shares lost 3.9% shortly after the opening bell, while Apple fell 2.1%. Shares of Twitter fell 10% on concerns that the social media company could face back from regulators or users after it blocked Mr. Trump’s personal account, citing the risk of further violence being incited.
Stocks had accumulated in the past few days on a bet that Democrat-controlled Congress would increase government spending, strengthening a recent economic downturn.