Tech stocks: FAANG flirting with biggest gain since January 2016

Netflix CEO Reed
Hastings
Getty

• Facebook on
  Tuesday reported third-quarter results that weren’t as bad as
  feared.
• Tech stocks in the FAANG basket all surged on
  Wednesday.
• The FAANG stocks were among the hardest hit during the
  stock-market selling in October.
• Watch Facebook,
  Amazon,
  Apple,
  Netflix
  and Google-parent
  Alphabet trade live.

The most-popular tech stocks are flirting with their best day in
nearly three years as the market breathes a sigh of relief
following Facebook‘s third-quarter
results.

The social-media company on Tuesday
reported revenue that missed Wall Street
estimates, and said that user trends stalled. But, shares spiked
as investors were positioning for the worst.

Following Facebook’s report, the tech-heavy Nasdaq
composite jumped more than 2%,
in large part due to the big gains coming from the “FAANG”
basket, including Facebook, Amazon, Apple, Netflix and
Google-parent Alphabet. Meanwhile,
the “NYSE
FANG+ Index” — which tracks the performance of FAANG stocks
along with other frequently-traded technology names such as
Tesla, Twitter, Nvidia, Alibaba and Baidu — gained
2.65%.

Wednesday’s rally could mark the
biggest single-day gain by the FAANG basket
since 
January 2016,
according to Bloomberg.

The tech giants have been among the hardest hit during the
brutal market sell-off in October. The Nasdaq Composite was down
12.2% this month before Wednesday, and the “NYSE FANG+ Index” tanked
13.5%.

Here is the scoreboard of how much FAANG stocks fared on
Wednesday:

• Netflix (NFLX):
  +6.43%
• Amazon (AMZN):
  +4.33%
• Google (GOOG):
  +4.14%
• Facebook (FB):
  +3.58%
• Apple (AAPL):
  +2.76%

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