FANG Stock Bleeding Accelerates in Worst Day in Almost 3 Months
(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, comprised of Facebook Inc., Google parent Alphabet Inc., Amazon.com Inc. and Netflix Inc., fell as much as 4.1 percent for its biggest loss since late July. The group has plunged about 8 percent in the past five sessions, sparked by a selloff in Treasuries that sent yields surging to multi-year highs.
Netflix is the weakest link, breaking lower by as much as 7.1 percent for what could be its largest loss in more than two years. Facebook, which fell as much as 2.6 percent, is edging closer to the low reached in March following the Cambridge Analytica data scandal.
Apple Inc., a member of the expanded FAANG group, has been a surprise outperformer since the rout began last week, falling less than 4 percent despite its relatively high exposure to the trade war between the U.S. and China.
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