FAANG stocks, the beleaguered group of tech giants that have suffered setbacks in recent months, were rising across the board Monday, Dec. 3, after the U.S. and China reached an agreement over the weekend to suspend the escalation of their trade war.
The U.S. won't enact a new round of tariffs that were scheduled to go into effect on Jan. 1, for at least 90 days as the world's two largest economies hash out their differences.
As a result, investors were putting money back into the stock market, and the rising tide was lifting shares of the FAANG companies.
In late November, in just a week, FAANG stocks shed more than $1 trillion in collective value. That downturn had many wondering whether the age of FAANG was over.
"It is very hard to call a bottom in FAANG, as these companies are driven by different end markets and fundamental factors," Andrew Braun, a portfolio manager at Pax World Funds, told TheStreet. "The recent volatility in FAANG has been disproportionately driven by weakness in Apple and its suppliers."
But those concerns have apparently been shelved by investors, for now.