Tech stocks have been tanking since Election Day, as fears rise that President-elect Donald Trump will force multinational corporations to repatriate their offshore assets.
Trump proposes a one-time tax for domestic businesses with trillions of dollars overseas, hoping to incentivize these companies to bring their foreign capital back to the United States. The top 50 U.S. companies hold a combined $1.4 trillion in cash overseas in order to avoid paying current domestic tax rates. Apple, Microsoft, Cisco, Oracle and Google alone hold over $430 billion in cash reserves overseas. (RELATED: Which Candidate Is Better For Your Bottom Line: Trump Or Clinton?)
Facebook, Amazon, and Apple have all taken substantial hits in the market since news broke Trump defeated former Secretary of State Hillary Clinton for the presidency. Apple fell from 110.41 on Election Day to 105.71 as of market closing Monday — it fell around 2.5 percent on Monday alone. Amazon fell nearly 2.7 percent, Microsoft fell 1.51 percent, and Facebook was down nearly 3.5 percent when the market closed Monday.
The major brunt of the falling value of tech stocks was incurred by he S&P 500 and the NASDAQ Composite Index.
S&P 500 opened strong at 2165.64, and hit a trading high Monday at 2,171.36. The index closed reporting a marginal net loss in day trading value Monday afternoon, reporting a 0.25 percent decrease in value from where it opened that morning.
The NASDAQ made marginal gains in the early morning, opening at 5,246.33 and hitting an intraday trading high of 5,247.17. It closed, however, down over 18 percent in day trading Monday afternoon. The NADSAQ closed at 5,218.40.
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