SAN FRANCISCO: The quartet of technology stocks that has driven Wall Street indices to record highs in recent years may be breaking up, possibly undermining one of the best growth stories in a nine-year bull market.Facebook and Google-parent Alphabet tumbled this week as the benchmark S&P 500 index fell back toward lows seen in February, when the index gave back more than 10 percent in 10 days after reaching a record high in January.Netflix and Amazon.com , which along with Facebook and Alphabet make up the so-called “FANG” stocks, did not do as badly as the S&P 500 index this week, falling 4.0 percent, compared to the index’s 6.0 per cent fall.But growing concerns about potential government regulation in the U.S. and Europe in response to privacy issues have investors assessing whether they may be forced to choose between those technology stocks leading the new economy.”The big, consumer-facing tech companies have been stock market leaders for years, and this could be the beginning of the end of that leadership. However, the long-term tech growth story is far from over,” Guild Investment Management Executive Vice President Tim Shirata wrote in a note this week.The outcry over Facebook’s handling of users’ data this… Read full this story
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