“Many technology CEOs have come out publicly against Trump’s immigration policies and it certainly hurts the sector’s access to highly qualified labor,” Brant Houston, portfolio manager at Atlantic Trust, told Reuters.

Silicon Valley has shown a history of bringing promising individuals from foreign countries into the U.S.

Apple (NasdaqGS: AAPL), Facebook (NasdaqGS: FB) and Amazon.com (NasdaqGS: AMZN) are among the major U.S. tech companies due to reveal fourth quarter results this week.

Meanwhile, a report from the Conference Board revealed the consumer confidence index dipped by a larger-than-expected margin in January after touching a 15-year high in December, further dragging on market sentiment.

Nevertheless, this earnings season has been good for the equities market, with 73% of S&P 500 companies that have reported showing better-than-expected profits.

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