Technology stocks, long the cream of hedge funds and other big-league investors, could be in for a rough ride while Donald Trump is in the White House. Almost immediately after the shock result, tech firms including Apple, Amazon, Google and Facebook lost significant value, wiping billions off their market cap. Vanity Fair reported technology firms slumped over 3% within four days of the election, the biggest decline since 2009. Amazon lost $30bn and Google, Facebook and Apple were down 1.7%.

Technology firms are right to be worried. Trump's “Make America Great Again” campaign was unashamedly nationalist. He threatened Ford Motor executives with a 25% import tariff if the company offshored its manufacturing to Mexico. And he fired shots at the technology sector during his campaign, saying that Apple should make iPhones in the US. Amazon's Jeff Bezos also came in for some stick because of his ownership of the Washington Post which was very pro-Clinton. Amazon's stock has been dropping steadily since The Donald's sweep to victory even though the Dow as a whole rebounded quickly. Trump's campaign also made issues of illegal immigration and mentioned tariffs on Chinese imports.