Facebook, Apple, Amazon, Netflix underperform NASDAQ in first trading week of 2021

In what was a controversial week in the United States of America on the political front, Wall Street was also in for something that has been rare for equity markets. The top five big tech companies on Wall Street, collectively known as FAANG, underperformed the benchmark index — NASDAQ. While the equity index gained 1.8% during the last five trading sessions, most of the FAANG stocks witnessed losses in the same time period. On the other hand, leading electric vehicle manufacturer Tesla’s stock price jumped over 20%, helping Elon Musk become the world’s richest person beating Amazon’s Jeff Bezos.