Tech Falls Amid Antitrust Action Fears From Democratic Congress -- Tech Roundup

Shares of technology companies fell as investors rotated out of a sector that had thrived for much of 2020 into companies that have more to gain from Democratic control of both houses of U.S. Congress.

Shares of Internet giants Facebook, Apple, Google parent Alphabet, Apple and Amazon.com declined as investors braced for "trust-busting" legislation that some Democrats have long vowed to level against Big Tech.

Shares of Apple had initially been flat after the company said its 2020 growth exceeded internal targets.

Shares of Tesla rallied in anticipation of more incentives for electric cars under the Democratic Party.

Separately, U.S. officials are considering prohibiting Americans from investing in Alibaba Group Holding and Tencent Holdings by expanding a blacklist of companies for U.S. investors launched in November, WSJ reported.

U.K. officials are preparing an antitrust investigation of Nvidia's $40 billion deal to acquire British chip designer Arm from SoftBank Group.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

01-06-21 1740ET