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U.S. equity index futures green: Nasdaq 100 up ~1%
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U.S. initial jobless claims 191k vs 197k estimate
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Euro STOXX 600 index off ~0.5%; BOE hikes 25 bps
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Dollar ~flat; gold, crude slip; bitcoin gains
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U.S. 10-Year Treasury yield edges up to ~3.51%
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FANGS SHARP AGAIN (0900 EDT/1300 GMT) 2022 was an especially rough year for high-P/E growth stocks. However, that's all changed so far in 2023. S&P 500 growth is back to outperforming S&P 500 value . In fact, growth has now extended its record run of gains vs value to 14-straight days. No doubt, growth owes its outperformance to the resurgence of tech , while at the same time financials , and especially banks , have been battered.
Of note, however, tech titans, as defined by the NYSE FANG+ index , have really turned it around in 2023. NYFANG is equal-weighted and includes the six core FAAMNG stocks: Facebook-parent Meta Platforms , Apple , Amazon.com , Microsoft , Netflix and Alphabet . It also includes another four actively-traded tech giants: Advanced Micro , Nvidia , Snowflake and Tesla . After suffering its only losing year ever in 2022, NYFANG is up nearly 31% so far this year. This vs a 15% year-to-date advance for the tech sector, an 11.5% Nasdaq gain, and a 2.5% S&P 500 index rise. NYFANG traded at an 11-month high of 6,033.50 on Wednesday before selling off and ending at 5,812.55:
Traders will want to see a weekly close above the 38.2% Fibonacci retracement of the March 2020-November 2021 advance, at 5,930, to suggest potential for a greater recovery. The rising 10-week moving average, now around 5,485, and the 50% retracement of the March 2020-November 2021 advance, at 5,266, are now support.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
