Chinese internet stock sell-off may shake faith in FANGs [Reuters]
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Source: Reuters
Chinese internet stock sell-off may shake faith in FANGs | Reuters 5 Min Read SAN FRANCISCO (Reuters) - A steep downturn in heavyweight Chinese internet stocks and recent weakness in half of the so-called FANG group have some investors worried that a key component of Wall Street’s near-decade long rally may be low on fuel. Outstanding gains in Facebook ( FB.O ), Amazon ( AMZN.O ), Netflix ( NFLX.O ) and Alphabet ( GOOGL.O ) have underpinned much of the U.S. stock market’s rally in recent years, along with the broader tech sector, but the group is widely viewed as overbought and valuations remain expensive. Backed up by strong earnings growth and investor confidence in Silicon Valley’s innovation track record, the S&P; 500 technology index .SPLRCT is up 16 percent in 2018, making tech Wall Street’s top performer. But a recent slump in China’s own superstar technology stocks, brought into sharper focus after Tencent Holdings ( 0700.HK ) reported its first profit drop in almost
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