Reign of Faang Oligarchy Showing No Signs of Stock Usurpation
- Megacap tech stocks still have 22% weighting in the S&P 500
- ‘If the Faang names are doing well, the market is doing well’
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A sudden swoon in bond yields has put the stock market “reflation trade” at risk of an early death. For all the ink spilled over the phenomenon, its list of lifetime achievements is short.
Yes, the rally that lifted banks and energy companies made headlines, buttressed hopes among value investors and was the basis for thousands of pages of Wall Street research. But its impact on the market’s overall contour has been slight, barely a blip when viewed on more than a monthly scale.