On Monday, it closed at $719.07 -- about a nine percent drop in four days.
For CEO Jeff Bezos, that is about a $6 billion spanking. He is still worth $60 billion. But the reason The Bezos is in trouble is that investors fear The Donald will finally let the Department of Justice do its job and take antitrust action against Amazon.
A crackdown on illegal immigration as well as fears of a curtailment of legal immigration hit the tech stocks. Amazon is a retailer but is considered a tech stock.
The stock market’s post-election bifurcation sharpened Monday as technology shares extended their worst performance since the start of the bull market on speculation Donald Trump’s trade and immigration policies will translate into lower earnings.
Apple Inc., Facebook Inc. and Alphabet Inc. led the S&P 500 Information Technology Index down 1.7 percent for the biggest retreat since September. The group stands out as the only industry that normally benefits from a rising economy not to rally on speculation Trump’s policies will stoke domestic growth. Tech stocks in the benchmark equity gauge have slumped 3.1 percent over four days, trailing the S&P 500 Index by 4.2 percentage points, the most since May 2009. Small caps in the Russell 2000 Index surged 1.2 percent to an all-time high.
No single fact explains the tech rout though everything from trade and immigration policy to industry rotation to flat-out campaign retaliation have been cited. Technology is the biggest group in the S&P 500 by far and one of the only ones to consistently post earnings growth over the last 18 months.Bezos bought the Washington Post and turned it into an anti-Trump organ.
Not a single regular columnist supported the man, even though Krauthammer, Gerson, Will and Rubin claim to be conservative. Krauthammer opposed Reagan's re-election, by the way, as Fritz Mondale's speechwriter.
Carlos Slim, the savior of the New York Times also took a $6 billion hit with the drop in the peso's value following Trump's election.