Asian instos fear Faangs have lost their bite

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 …