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Below is a snippet of content from today’s Morning Lineup for Bespoke Premium members. Start a two-week trial to Bespoke Premium now to access the full report.
As shown below, the 8 largest US stocks are all in the red so far this month for an average decline of 8.2%. The rest of the stocks in the large-cap Russell 1,000 are only down an average of 8 basis points.
The FANG+ Index is made up of 7 of the 8 largest stocks listed above (excluding BRK/B), but it also includes Netflix (NFLX), Alibaba (BABA), and Baidu (BIDU). Since April 4th, the FANG+ index is down 17%, and it’s down 28% from its highs.
Below we show how the FANG+ index has performed versus the S&P 500 since 2/19/20 – the peak day for the US stock market before the COVID pandemic hit. FANG+ stocks exploded higher in late 2020 and peaked versus the S&P in early 2021 with an outperformance spread of more than 70 percentage points. That outperformance has been eroding rapidly since last November and the spread is only +15 percentage points now.
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