Apple, Google, Facebook and Amazon are facing potential regulatory scrutiny and investors are paying close attention.
The Justice Department has been given jurisdiction over Apple as part of a broad review into potential anti-competitive behavior among big tech companies.
Reports surfaced in recent days suggesting that Alphabet and Amazon will be facing increased regulatory scrutiny.Facebook founder and CEO Mark Zuckerberg arrives to testify following a break during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee joint hearing about Facebook on Capitol Hill in Washington, DC.
Monday was the day that the chatter turned to early stages of action, and the market punished big tech. Investors were most concerned about Facebook and Google parent Alphabet on Monday, sending shares of each down more than 6%. Amazon dropped more than 4% and Apple slid 1%. In total, they lost over $130 billion in market value and led a 1.5% slump in the Nasdaq Composite, sending the tech-heavy index into
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