market forecaster Jim Bianco President and Macro Strategist Bianco Research, He explained that the S&P 500 index gains in the first half of the year were largely driven by a few stocks and were not representative of broader market performance.
“On February 2nd (the day after the Federal Reserve presser and the day before the 517,000 payroll report), the S&P 500 was up more than 8% for the year (black line). Most analysis. The only thing missing in the S&P 500 overall gains was the FAANG+ MNT 8 stocks (chart names) shown in red,” Bianco tweeted.
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Price action: Bianco is the so-called Fang stocks containing Meta Platforms Inc. meta, Apple AAPL, Amazon.com, Inc. AMZN, netflix inc. NFLXand Alphabet Inc. Google goog Coupled with Microsoft MSFTMore, NVIDIA Corporation NVDA and Tesla Inc. TSLA Stocks boosted the market in January.
However, since early February, the S&P 500 Index has fallen more than 2.5%. This is because stronger economic data and better-than-expected inflation have raised concerns. federal reserve We must continue to raise interest rates more than expected.
Year-to-date, the S&P 500 Index is up just 3.82%.of SPDR S&P 500 ETF Trust spy rose by 4.09% during the period, Vanguard Total Bond Market Index Fund ETF BND decreased by 0.4%.
Bianco compares the move to the meme stock frenzy of 2021. It’s over 20%,” he said.
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