Asian instos fear Faangs have lost their bite
The largest tech stocks have suffered since early October, exposing risks that could spell the end of a long upward ride and force asset owners to rethink how they invest in equities.
Up until recently, US technology share prices were on a tear. For most of this year the so-called Faangs – Facebook, Amazon, Apple, Netflix and Google – added further gains to the 40% they recorded during 2017.
That all changed on October 9. The S&P 500 and information technology-heavy Nasdaq indexes experienced a market rout, falling by 3.3% and 41%, respectively, in a single day. By November 20, the Faangs had lost close to 20% against a 6.6% drop for the S&P 500.
The …
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