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FAAUNG or FAANGU: Wall Street is ready to add Uber to the catchy acronym of well-loved tech stocks, but not everyone agrees where to put it.
Chinese stocks slipped, Europe was mixed, and US futures gained before the Fed decision. Investors are navigating a minefield of market catalysts.
Apple and its suppliers were among the hardest hit during Tuesday's broad plunge. The selling continued across Apple's overseas supply chain on Wednesday.
Tech giants like Amazon were rebounding in premarket trading following one of the weakest Black Friday trading sessions this decade.
"Similar to FANG stocks that have disrupted traditional markets with massive global TAMs, SQ’s fully cohesive solutions and rapid rate of innovation suggest that it is en route to disrupt the global payments ecosystem," analyst Dan Dolev said in a note Tuesday.
The world’s hottest tech companies are now worth more than $5 trillion, and they could be pointing out the next big bubble
The most prominent US and Chinese tech stocks — including Facebook and Amazon — are worth more, by market cap, than the stock markets of the eurozone and Japan. Bank of America Merrill Lynch has cited this size as a reason investors should reduce their exposure to tech stocks.
Shares of Facebook, Apple, Amazon, Netflix and Google were down on Friday morning.
Though millennials continue to flock into tech stocks, some of their enthusiasm has waned, Stockpile data has found.
Red-hot FAANG stocks could be a victim of their own success in 2018, says Morgan Stanley.
The sell-off comes as investors worry that the too-hot stocks are sporting valuations much higher than other sectors of the market.