Wall Street moved higher during the previous week and closed at record highs as global stock markets continued to rally. NASDAQ gained 1.73%, S&P 500 added 1.23%, and Dow Jones moved up 1%. However, the big-five technology stocks underperformed the benchmarks. Facebook, Apple, Amazon, Netflix and Google, collectively called the FAANG stocks ended the week mixed. So far in 2021, the NASDAQ index has jumped more than 11%, however, only Alphabet, the parent company of Google, has managed to outperform that.
Facebook’s share price gained 0.9% during the week gone by to end at $270.5. This week, Facebook will see the Australian parliament take up legislation that will force the social media giant to pay publishers and broadcasters to circulate their content on its platform. The move could dent the purse of Facebook’s Mark Zuckerberg.
It was were iPhone manufacturer, Apple went sliding down. Apple’s stock price fell 1.02% to close the week at $135.37 apiece. On the bright side, reports last week claimed that Apple’s partner Wistron will be restarting its India factory soon. The manufacturing unit, based in Bengaluru, was closed in December when a workers’ protest went violent. In other news, Reuters reported that Apple’s new iPhone 12 mini was not turning out be a big hit among customers as sales of the smaller version of flagship device were just 5% of overall sales.
Jeff Bezos’ Amazon fell 2.22% during the last five trading sessions. The future might be bright for Amazon but Future is what’s troubling the tech giant. Delhi High Court reversed the earlier order and allowed Kishore Biyani’s Future Group to go ahead with its deal with Mukesh Ambani’s Reliance Industries, something Amazon has been challenging. Now, Amazon has knocked on the doors of the Supreme Court of India in hope of a breather.
Streaming behemoth Netflix was the best performing among the FAANG stocks during the week. Shares of Netflix surged almost 1% to close at $556.52 apiece. Internet giant Google, although it has outperformed NASDAQ and other FAANG stocks so far in 2021, last week it managed to gain only 0.30%. The company has agreed to $76 million to French new publishers. This week, the company could be gearing up to walk the same path in Australia as lawmakers down under discuss the company’s circulation of the content of other publishers.