The reversal of FAANG stocks’ long-term dominance has loomed over markets this year.
The FAANG stocks ended October with year-to-date losses of more than $3.8 trillion in market capitalization – a stupefying amount larger than the gross domestic product of the United Kingdom.
October returns highlighted the evolving dynamic between big tech and energy stocks, the latter of which have outperformed the former by a ferocious 108% so far this year.
Equity market prices increasingly appear to be anticipating a recession as fourth-quarter earnings expectations are lowered – and even enter into negative territory.
October 2022 Commentary: De-FAANGed
Summary
Read and download the commentary here.
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