Wall Street benchmark indices soared higher to claim fresh all-time highs last week, helped by jobs data for June that showed a strong recovery in the labour market. Amid the strong upward march, some of the biggest tech names on Wall Street — Facebook, Amazon, Apple, Netflix, Google, and Microsoft — collectively called FAANGM, outperformed the benchmark indices. Tech stocks have been trading at high valuations but investors have been lapping onto these stocks. Since the middle of May, tech-heavy NASDAQ 100 has zoomed 13% while the Dow Jones has gained merely 4%.
Facebook’s share price soared 3.9% during the previous week to close at $354.7 apiece. The social media behemoth reached a market capitalization of $1 trillion during the week. Facebook’s stock price was aided by the District Court for the District of Columbia, which threw out an antitrust suit filed by the Federal Trade Commission (FTC). The dismissal of the suit brings relief for Facebook and its investors.
Amazon’s stock gained 3.22% during the week to close at $3,510 per share. The company on Friday informed that new CEO Andy Jassy will get 61,000 Amazon shares over 10 years, as he replaces Jeff Bezos. The cost of the shares stands at $214 million. Apple’s share price soared 5.15% during the previous week and ended at $139.96 per share. On Friday, Nikkei Asia reported that Apple along with Intel would be among the first adopters of Taiwan Semiconductor Manufacturing Co’s new-generation chip production technology.
Google’s another tech giant was up 2.24% last week, to close at $2,505 per share. Last week, Zacks Equity Research said their latest consensus estimate expects Google’s revenue to come in at $46.07 billion, up 45.79% from the prior-year quarter. Meanwhile, Microsoft’s share price soared a massive 4.77% to close the week at $277.65 apiece. Last among the lot, Netflix was the worst performer among the FAANGM stocks, gaining merely 1.31% during the previous week to close at $533.98.
So far this year, among the FAANGM stocks, Facebook, Google, and Microsoft are the top gainers. Google’s share price has jumped 45% since January while Facebook’s stock is up 32% and Microsoft has jumped 27% during the same time period. Continued economic recovery and re-opening has helped Wall Street equity indices soar to fresh all-time highs.