Big tech stocks are outperforming this week on the back of a sharp pullback in bond yields.
The NYSE FANG+ index is headed for its best week in one year. The tech-heavy benchmark is 10% higher through Thursday, meaning it's set for its best week going back a year, to March 18, 2022 when the index added as much as 13.61% the week the Fed began raising rates. Nasdaq was led by AMD , Meta , Nvidia , Microsoft , Alphabet and Amazon , which are all higher by more than 10% this week. Tesla , Netflix , Snowflake and Apple lagged.
That compares to a 14.8% annual total return for the NASDAQ-100 index over the same time period, and 10.5% for the S & P 500. Semiconductor maker AMD is up 17.8% week to date, headed for its best week since July 24, 2020, when AMD jumped 26.1%. Facebook-parent Meta advanced 12.3% this week, on pace for its best week since Feb. 3, when the social media stock gained 22.9%. Chip stock Nvidia jumped 12.9% through Thursday, set for its best week since Jan.
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