Trump was better for tech stocks than Biden: R 'Ray' Wang

All right, 3 minutes to the opening of the market, the Dow is down 42. There's a couple of Dow stocks that are selling off the NASDAQ up just a 21 points. Ray Wong joins me now. Ray, let's talk about who is better for tech stocks in the is it a Trump presidency or Biden? Yeah, it's a very interesting point, right? We look at a couple angles here, right? If you think about regulation, Trump is less regulation, Biden's more regulation. Think about taxes, Trump is less taxes, Biden has more taxes. And you think about what's actually happening with antitrust, Biden as much more enforcing on antitrust than Trump. And that's actually has an impact in terms of stocks, because what's been going on is we haven't seen IPOs, we haven't seen a lot of mergers and acquisitions in tech because they've been held by antitrust. And so in the long run, what you end up seeing is that Trump was better for attack, better for tech stocks. Than what was actually happening with Biden and if you look at the SMP, the SP was up 14.1% with Trump and it was actually up 10.1% with Biden. And so you can see the difference in what's happening. But I think it does come down to industrial policy as well. You're going to see different things tariffs with Trump and of course Biden hasn't taken down tariffs, but both have been really good in terms of actually fighting China and you know, trying to combat what's been going with copyright and IP transfer that's been going on. But overall what you're seeing is the tech companies are have probably done better under Trump. Than with Biden, and that's been really interesting to see. Right now we only have about 7 stocks that have been driving the stock market down to maybe 5. In Trump era is much more broad based, but it's interesting that if investors should perhaps prefer Trump because the people who work in technology companies probably don't support Trump that much. So they kind of conflicted, aren't they? I mean a Trump second presidency would be good for their companies, but they don't like Trump. Explain that one. Stuart, you're actually right here in the Valley. I would say that 80 to 90% of the workers are tend to learn more democratic. And that's actually in contrast to actually what policies would actually help them. And so it is quite a conflict whether its policies around employment, policies around taxation, policies around, you know, immigration. It's it's been quite interesting. And so that's last piece, the immigration piece. It's gonna be interesting to see what happens in terms of, you know, high level immigration and H1 BS, which Trump was against before, but now has actually had changed his mind. That's where the biggest difference was where Biden was such more forward to having a broader base immigration policy. But the most of the tech workers focused on the H1B piece, not on the lower end of the immigration scale. All right, there you have it. Ray Wong says on balance, tech stocks do better with Trump. Right. Thanks very much indeed. It's gonna be a big day today. Very interesting day.