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The Market’s Leadership Is In Transition

Michael Jamison, Portfolio Manager

September 18, 2018

While the market is still up, FANG Stocks (Facebook, Amazon, Netflix, and Google now Alphabet, Inc) are no longer dominating the S&P 500 Index. Although Amazon surpassed $1 trillion in market value last week, FANG stocks only accounted for a combined 2.9 percent of the index’s third-quarter gain through Friday according to the following data compiled by Bloomberg. This compared to the figure for the entire second quarter at 42 percent.

While it’s clear there is a Market Rotation taking place, it begs the question as to which sectors will take the lead and pull the weight? Consumer Discretionary stocks and Healthcare stocks continue to do well and could surface as a likely candidate. As U.S. trade talks with China progress, along with the possibility of a tariff lift improving the business outlook for several sectors, we have our eye on the following companies in no particular order:

· Alibaba (BABA)

· Boeing (BA)

· Qualcomm (QCOM)

· Apple (AAPL)

· FedEx (FDX)

· United Parcel Service (UPS)


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