As the trading week kicks off, investor focus will be on the big tech stocks. Amazon.com, Inc. [NASDAQ: AMZN] has kicked off Amazon Prime day today. This is exciting because for all the big discounts it offers shoppers, sales are likely to surge, and drive up revenues. This is a big deal and could play a role in driving up bullish sentiment around this stock when markets open. Bullish sentiment is already on the rise as can be seen in Amazon’s pre-market price action. While it hasn’t gained by much, Amazon is up by 0.40% pre-market to trade at $2,019.
On its part, Facebook, Inc. [NASDAQ: FB] will be keenly watched due to the scrutiny around its Libra cryptocurrency, its settlement with the FTC and anti-trust issues. A few days ago, President Trump took a jab at Libra and other cryptocurrencies. Regulators are also looking more closely into this cryptocurrency and investors will be watching. There is also the Wall Street Journal report that commissioners had voted for a $5 billion settlement as a fine for Facebook’s privacy violations. On top of all these concerns, the company along with the other FAANGs will appear in a House hearing looking into Anti-trust concerns. These issues will play a huge role in FB’s price action today. They are already showing in its pre-market price action where Facebook is down by 1.20% to trade at $202.42.
Alphabet Inc. [NASDAQ: GOOG] is also sailing in the same boat. Like all the other FAANGs, it will be appearing before the house on Tuesday for an anti-trust hearing. There are growing calls for a breakup of these big tech companies. Over the weekend, Billionaire investor Peter Thiel weighed in on this issue, even calling for the FBI and CIA to probe Google for what he called seemingly treasonous ties to China. Investors will be keenly watching to see how this issue will shape up in the coming months. Google is currently trading in a range, but momentum is bullish at this point, with $1138.78 acting as a key support level in the day.