FANGs Sink Amid Broad U.S. Stock-Market Selloff

FANGs Sink Amid Broad U.S. Stock-Market Selloff

(Bloomberg) -- The megacap technology stocks that comprise the FANG group are sinking in unison. A basket of stocks tracked by Bank of America Merrill Lynch -- Facebook Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc. -- was trading below both its 100-day and 200-day moving averages Wednesday for the first time since June 2016. As the S&P 500 Index’s sell-off extends to a fifth day, the ML FANG index has seen an almost 8 percent drop in that period.

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