Got $5,000? Buy the Dip on This FAANG Stock Amid the Nasdaq Sell-Off
Investors have not been easy on big tech in recent times. If you owned all of the FAANG stocks -- which is an acronym used to describe five prime U.S. tech companies -- in equal weights, your portfolio would be down 25.9% over a six-month span. That's a very subpar performance compared to the S&P 500's negative 9.8% return in the same time frame. In response to off-the-charts inflation and the Federal Reserve's combative interest rate hikes, there has been a massive shift out of growth names and into less risky assets like value stocks and bonds.
The present-day economic backdrop doesn't favor technology stocks, which has been evident in many companies' latest quarterly reports. Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), the parent company of the popular search engine Google, posted its second-quarter digest on July 26, prompting many investors to tune in to see how the company has held up in an ebbing digital ad market. Given that the tech giant's stock price has contracted 19.8% since the start of 2022, is now an optimal moment to climb on board?
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Source Fool.com
