Meta Platforms (otherwise known as Facebook) laid an egg yesterday with disappointed quarterly results, joining the likes of Netflix as two of the mighty FAANG quintet have fallen from their once seemingly ironclad perches.
FB is on track to open today almost $200 billion smaller in market capitalization..an almost 25% decline from already lower levels compared to 2021 - while Netflix was cut in half in a mere 2 calendar months, with NFLX shares dropping from an all time high of $700 per in mid-November to 350 about a week ago after their own disappointing earnings release.
The problem with FAANG is they aren't just tech stocks impacting the NASDAQ; they are also outsized components of the broad market S&P 500. So as FAANG goes, so goes perhaps the most recognized equity index on earth.
It's a brand-new world of market uncertainty unlike any we've seen in over a decade. The annuity world is poised to help clients prepare for the worst while being positioned for better.