Alphabet led a Big Tech rally on Wednesday (Dec 11), with its stock hitting a record high after US President-elect Donald Trump picked Federal Trade Commissioner Andrew Ferguson to lead the consumer protection and antitrust agency.
FILE PHOTO: Figurines with computers and smartphones are seen in front of Alphabet logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Trump and his team have been broadly critical of Big Tech companies, although some of his most prominent backers were tech executives, and it is unclear how they will approach regulatory and M&A policy for that sector. The latest inflation report raised expectations of an interest-rate cut by the US Federal Reserve later this month, lifting technology stocks.
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