by Adam Taggart
This chart from Bank of America (hat-tip to Zero Hedge) shows how critical the tiny number of FAANG stocks have become to the overall market. In fact, they essentially now ARE the market.
Without the five FAANG stocks, the return for the S&P 500 index would be negative year-to-date:
The entire stock market is propped up by these five stocks, several of which are supporting forward P/E ratios of over 100x.
What could possibly go wrong…
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