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

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Index below two key support levels amid Wednesday's market sell-off


© Bloomberg
Index below two key support levels amid Wednesday’s market sell-off

(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.

To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net

To contact the editors responsible for this story: Sophie Caronello at scaronello@bloomberg.net, Nancy Moran

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©2018 Bloomberg L.P.

2018-10-10 10:07:09

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