Shares of consumer technology stocks suffered a steep selloff Wednesday following the surprise election of Donald J. Trump as the next president of the United States and a Republican sweep in the House and Senate.

The Technology Select Sector SPDR Fund XLK, -3.02% , a technology-sector ETF whose biggest holdings include Apple Inc. AAPL, -4.00% , Microsoft Corp. MSFT, -3.04% , Verizon Communications Inc. VZ, -1.51% , Alphabet Inc. GOOG, -3.40% GOOGL, -3.51% , Facebook Inc. FB, -2.27% and IBM Corp. IBM, -1.62% , closed down 0.1% Wednesday after falling mroe than 1% earlier in the session. The PowerShares QQQ Trust QQQ, -3.07% , another big tech-industry ETF, closed up 0.5%.

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The ocean of red came despite increases for both the Dow Jones Industrial Average DJIA, -1.92% , which closed up 250 points, and the S&P 500 SPX, -2.21% , up 23 points.

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Among the biggest decliners was GoPro Inc. GPRO, -2.04% , which plummeted 4.1% after the company announced late Tuesday that it was recalling its Karma drone after just two weeks in the market. TripAdvisor Inc. TRIP, -4.30% plunged 17% following a weak quarterly earnings report. Tesla Motors Inc. TSLA, -10.78% shares fell 2.5% to $190, in sympathy with sweeping declines for the renewable energy industry, which pushed shares of SolarCity Corp. SCTY, +1.20% , which Tesla has proposed buying for $2.6 billion, down around 4%.

Among the FANG – Facebook, Apple, Netflix NFLX, -4.00% and Google -- stocks, Facebook fell 0.8% to $123.18, Apple Inc. fell 0.2% to $110.88, Alphabet Inc. fell 0.8% $805.59, and Netflix slumped 1.7% to $122.19.

Other movers were Microsoft Corp. MSFT, -3.04% , down 0.5% to $60.17; IBM Corp., down 0.2% to $154.81; Qualcomm Inc. QCOM, -2.95% , down 0.6% to $67.88; Amazon.com Inc. AMZN, -3.87% , down 2% to $771.88, Fitbit Inc. FIT, -0.54% , down 1.7% to $8.55; and Pandora Media US:P, down 0.7% to $10.43.

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A few companies bucked the trend, including HP Inc. HPQ, -0.59% , which rose 1.9% to $15.57; eBay Inc., up 0.9% to $28.29; Cisco Systems Inc. CSCO, -2.59% , up 1.2% to $31.36; Twitter TWTR, +5.89% , up 4.1% to $19.13; Box Inc. BOX, -3.40% , up 1% to $14.79; and Groupon Inc. GRPN, -10.59% , up 1.5% to $4.02. Shares of Intel INTC, -2.20% traded in the red most of the day but closed virtually flat around $34.75.

On Tuesday, before the election was officially called, RBC tech analyst Amit Daryanani predicted that most stocks in his coverage area would decline under a Trump presidency. Trump’s policies could particularly impact companies that rely on Mexico for aspects of their manufacturing and supply chain, he said, but might benefit companies such as Apple that hold a lot of cash overseas by reducing the tax penalty they are required to pay to repatriate profits from overseas subsidiaries.

CFRA Research analyst Scott Kessler said a Trump presidency coupled with a Republican-controlled Congress makes this repatriation proposal of a one-time tax penalty of 10% on corporate profits held offshore “much more likely,” which would benefit large U.S. IT companies and possibly trickle down to domestic growth investments, stock buybacks and dividend payouts.

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But Trump’s hard stances on global trade might negatively weigh on the sector, he said, as might his hard policies on immigration. The biggest impact on stocks is the uncertainty.

Trip Chowdhry, managing director at Global Equities Research, forecasts that investors will sell faster-growing high-PE stocks, and replace them with low-PE stocks that tend to be more stable over the long term. Growth stocks with high PE ratios include Amazon, Netflix and Facebook. The legacy companies with low PE ratios include Intel, Apple, HP Inc. and Cisco.