Good morning. A nice bump for stocks on Friday after Jay Powell made some boring comments about the Federal Reserve being data-dependent. Markets, parched for good news, lapped it up. But chances are everyone will go back to being gloomy soon enough. Not hearing anyone calling bottom yet — just some halfhearted “tactical” buys.
A Faangs value check-up
Despite all the gloom and doom talk — about how higher rates force long-duration assets down, a regime shift towards value stocks, and how big tech is reaching the end of its high-growth phase — the Faang stocks still matter a lot. Let’s have a look at how they have done this year:
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