FAANG stocks lose sheen on weakening US dollar, poor growth outlook

International funds had a stellar run over the last few months thanks to the buoyancy in the US markets and the dollar.  

However, in the past few weeks, these funds are seen losing their sheen as US stocks, particularly from the technology space, have run into rough weather amid worsening growth outlook. The so-called FAANG trade — Facebook, Apple, Amazon, Netflix and Google (Alphabet) — had gained currency this year. Even some of the domestic mutual funds through their international funds were seen taking bets on these tech stocks.  

These stocks have come off between 11 per cent and 23 per cent