Collectively knows as the FAANG stocks, companies like Facebook, Google, Apple went higher as the volatility index stooped lower to hit its lowest in nearly two months.
Google was the best performing among the FAANG stocks last week.
NASDAQ Composite reached fresh all-time highs in the previous week as global markets rallied. The index soared 6% during the week to close at 13,856 points. With it, the biggest technology names on Wall Street were also soaring higher. Collectively knows as the FAANG stocks, companies like Facebook, Google, Apple went higher as the volatility index stooped lower to hit its lowest in nearly two months. The rally was fuelled by a US President Joe Biden’s administration geared up to fast track the $1.9 trillion stimulus package.
Facebook shares gained 3.78% during the week. During its earnings release, Facebook had said that the company has benefitted from the shift toward online commerce in the previous year. However, the same is expected to dial down in soon as normalcy resumed which may hit the company’s numbers. Facebook is facing outage in Myanmar as the country feels the tremors of a coup. Mark Zuckerberg’s Facebook is also working on a repurchase plan for $25 billion worth Facebook shares.
Share price of Apple jumped 3.6% during the previous week to trade at $136.76 apiece. On Apple’s plans of launching its self-driving vehicle in the near future, both Kia and Hyundai Motors have denied that they are in talks with the iPhone manufacturer for an autonomous car. Apple is also facing some resistance for its privacy changes that many application developers believe will hurt them.
Jeff Bezos will be stepping down from the CEO post to become the Executive Chair of the retail and internet giant. Shares of the company still rose more than 4% during the week. Apart from Bezos’ stepping down the company announced its earnings in the week gone by where it revealed earnings per share of $14.09 on revenue of $125 billion. Amazon has also got some relief in India where it is battling it out with Kishore Biyani’s Future Group in the legal corridors. Some ESG points may also in the making for Amazon as Reuters reported the company plans to run hundreds of trucks on natural gas.
Stock price of Netflix gained 3.4% during the week to close at $500 per share. The streaming major has raised prices in Japan, according to reports. The company has said that it is investing in original content to fight off competition in the streaming space.
Internet behemoth Google saw its stock jump a massive 14% during the week, making it the best performing FAANG stock for the week. During the week Ford and Google signed a six year deal for connectivity in-car and cloud services. The deal is said to be worth hundreds of millions of dollars. Along with this, the company’s revenues have been increasing as income from advertisements grow.
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