All-in bets on FAANG stock boom pay out in week of big earnings

All-in bets on FAANG stock boom pay out in week of big earnings https://ift.tt/r2XayNg tech companies largely surpassed earnings estimates, causing relief to investors who had been nervous about the weakening growth prospects of the companies and the consequential risks to the market. Hedge funds were net selling tech mega-caps for a month due to their angst over earnings and lofty valuations, unwinding roughly half of their buying for the year up until the companies' earnings reports. Despite economic growth slowing down, inflation remaining higher than forecasts and another regional bank facing a government bailout, stocks have been rising. Although, some believe investing heavily in technology stocks is a bet on an unprecedented turnaround in monetary tightening.