Why FAANG Stocks Made Big Moves Friday
The stock market was broadly lower early Friday afternoon, with investors generally expressing concern at the possibility that the Federal Reserve could remain more restrictive in its monetary policy for a longer period of time. The January employment report released earlier in the day showed a stronger labor market than most had anticipated, suggesting that the interest rate hikes that the Fed has already made haven't yet shown up in terms of slowing job creation. The Nasdaq Composite (NASDAQINDEX: ^IXIC) lagged the rest of the market, with declines of more than 1% as of 1:15 p.m. ET.
Many investors focus their attention on the biggest stocks in the market, and the popular FAANG stocks include some of the largest companies in the world. Apple (NASDAQ: AAPL), Amazon.com (NASDAQ: AMZN), and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) all reported their latest financial results in the past 24 hours, and shareholders had mixed reactions to what these companies had to say.
Shares of Apple were up between 2% and 3% Friday afternoon. The iPhone maker reported fiscal first-quarter financial results for the period ending Dec. 31, and despite some headwinds for the business, shareholders seemed comfortable with the tech titan's numbers and the trends it's seeing.
Source Fool.com
