According to the previous week, Wall Street moved higher and closed at a record high along with the rallying global stock markets. Dow Jones, S&P 500, NASDAQ gained 1 %,1.23%,1.73% respectively while the big five tech giants’ stocks were underperforming. Facebook, Apple, Amazon, Netflix, and Google, together called the FAANG stocks ended the week with a mixed performance. Alphabet the parent company of Google has been the only one to outperform the NASDAQ index jump of 11%.
Facebook has seen a share price increase by .9% during this week and ending for $270. With the Australian parliament set to take up the legislation which will make the Social media giant pay for the content that is circulating on its platform will cause a dent in the earnings of Facebook.
Apple stock prices saw a fall in the stock price of 1.02% and ended the week at $135.37 per share. Things are said to brighten up for Apple as partner company Wistron will be restarting the factory in India soon. The facility in Bengaluru was shut down in December amid a violent worker’s protest. Apple’s recently launched iPhone 12 mini is not attracting as many sales as expected the total sales for the mini version of the flagship offering only accounted for 5% of overall sales of the company. During the last 5 tradings, Amazon’s stock fell 2.22%.
Content streaming giant Netflix was the best performer among the FAANG stocks, with stock prices surging almost 1% and share prices reaching $556.52 per share. Google although has been able to outperform NASDAQ and FAANG stocks, only gained .30%. The company has agreed to pay $73 million to a French news publisher. The company is said to go through a rough patch as lawmakers are discussing the amount of content under the company’s circulation by other publishers.