Irish Times: “FAANGs lose their bite as tech wreck worsens”

Excerpt from The Irish Times quoting DataTrek's Nick Colas: .... "Last week, the NYSE Fang+ index fell into bear market territory (a fall of 20 per cent). The FAANG stocks that dominate the index – Facebook, Amazon, Apple, Netflix and Google – have now seen more $1 trillion wiped off their value since their respective peaks. For the first time, each of the five are now in bear markets. The sheer size of the FAANGs – their recent losses exceed the value of the entire Spanish stock market – means they cannot be ignored. Technology recently accounted for more than a quarter of the S&P 500, its highest sector weighting since the dotcom bubble in the late 1990s. This outsized weighting means it will be “very hard” for indices to rally in 2019 if tech weakness persists, Datatrek strategist Nicholas Colas cautioned last week".... Read the whole article here in The Irish Times!