Episode 8: FAANG

We are starting the week with small gains across the Dow and S&P. Nasdaq continues its winning streak supporting the markets with the FAANG leading the S&P 500 index. 

Keep in mind that until recently, several of the largest tech players were subjects of government privacy and antitrust investigations. Although some believe big tech fuels political polarization, the same big tech platforms under scrutiny are a source of support and community during the world-wide shelter in place directives. This increase in tech usage and focus has investors doubling down on the FAANG. (Facebook, Amazon, Apple, Netflix, Google). While we always knew technology helped facilitate innovation, we still should question how much power we give tech since users have accelerated the growth of those companies exponentially and it is difficult to turn back that tide. 

Kicking off the week the markets closed mixed.

Dow down slightly 

S&P up slightly 

Nasdaq continued it’s winning streak going back to levels prior to the Covid shutdown over 9192 points. 

Funding 

This week there was reported around $90 million in funding with a significant amount going to Carbon Health, a San Francisco-based mobile connected health care network, which raised $26 million in new Series B.

IPO 

Pliant Therapeutics, a South San Francisco-based developer of fibrosis treatments, filed for an $86 million IPO and plans to list on Nasdaq. 

This week we have several economic updates coming from meetings on Wednesday with Powell on jobless claims, impact of retail sales and industrial production.  I will also be keeping a close eye on the meat shortage and the impact of that on certain stock gains in the market. Finally the fight with Elon Musk, CEO of Tesla and Alameda county continues as he sues the county while he threatens to move the plant out of California.  As we know Elon doesn’t do anything in the traditional way.  

See you on Friday.