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Buy FAANG Stocks, Plus MSFT as Big Tech Drives Coronavirus Market Rally?
On today’s episode of Full Court Finance here at Zacks, Ben Rains takes a look at the market ahead of the long holiday weekend. The episode then dives into the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google—plus Microsoft (MSFT - Free Report) to see if investors should buy any of the stocks as big tech continues to drive the current coronavirus market rally.
Stocks slipped in early morning trading Friday after China said it wouldn’t set a GDP target for 2020. The world’s second-largest economy also said it plans to impose new national security laws on Hong Kong, which could increase global tensions.
Meanwhile, nearly 40 million people have now filed for unemployment in the U.S. since the pandemic began. Despite the broad damage, worries, and uncertainty, the S&P 500 has surged roughly 32% from the market’s March 23 lows, as Wall Street looks ahead to a coronavirus recovery. This has gained more steam as economies around the world slowly begin to reopen from their coronavirus-induced lockdowns.
Wall Street is ready to remain in ‘don’t fight the Fed’ mode as the central bank does all it can to support the market. Plus, the U.S. government is likely ready to continue to provide economic stimulus. With this in mind, many of the tech stocks that drove the historic bull market, which the coronavirus ended, are shining once again.
In fact, Amazon (AMZN - Free Report) and Facebook both hit new highs this week, and Netflix (NFLX - Free Report) broke into a new range earlier this month. Soon enough it might be Apple (AAPL - Free Report) , Alphabet (GOOGL - Free Report) , and Microsoft’s (MSFT - Free Report) turn to reach new highs, as investors try to figure out which tech giants are great bets for the coronavirus and beyond.
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