This Congressman Is Buying Tech Stocks
Rep. Dan Crenshaw, the United States representative for Texas's 2nd congressional district since 2019, disclosed late last week that he invested in some of the largest U.S. tech companies.
Congressman Dan Crenshaw was buying shares of Alphabet (GOOG:US), Amazon (AMZN:US), Apple (AAPL:US), and Meta Platforms (META:US) on October 25. Congress stock watchers at Capitol Trades saw that while most of these stocks trade near levels where Creenshaw’s entry prices were, Amazon stock is trading over 20% lower since late October after the company issued a disappointing forecast for revenue, reflecting concerns about the slowdown.
Tech-focused Nasdaq 100 index is trading sharply lower in 2022, mirroring a difficult year for high-growth, tech stocks. This part of the market has suffered the most in the ongoing market downturn as the Fed’s aggressive tightening policy continues to hurt high-growth stocks. Moreover, recession fears are weighing on the overall risk sentiment for this sector, scaring investors away from tech stocks.
Still, some mega-cap tech companies, like Apple, have acted as a relative safe-haven name where investors can park their cash. For this reason, investors preferred to invest in mega-cap names like Apple and Amazon, despite these companies failing to escape the effects of a major global slowdown.
Rep. Crenshaw, a member of the House Committee on Energy & Commerce, isn’t an active stock market trader. He reported just over 30 trades since 2019 with the Consumer Discretionary sector the most often traded sector. As far as single stocks are concerned, Mr. Crenshaw’s favorite stock for trading is Tesla (TSLA:US).
