by Wolf Richter
And the FANGMAN shivered as Netflix got knocked down.
A reversal of roles took place in the stock market last week: The “Giant 5” combined – Apple, Microsoft, Amazon, Alphabet, and Facebook – had a lousy week. And the FANGMAN, which includes Netflix and Nvidia, shivered. But the rest of the market rose.
Over the week ended Friday July 17, the combined market capitalization of the Giant 5 fell by 3.5%, or by $234 billion, to $6.40 trillion. Friday a week earlier, the combined market capitalization of the Giant 5 had reached an all-time high of $6.64 trillion, having skyrocketed since their crisis-low on March 16 by 62%, or by $2.54 trillion (market cap data via YCharts)