After a monthlong selloff, an elite group of technology stocks is now cheaper than it’s been versus the broad market in almost three years.
The NYSE FANG+ Index is priced at about 27.6 times estimated earnings for the coming year versus 20.2 times for the S&P 500 Index. That’s the narrowest spread since December 2018, when markets slumped because of a US-China trade war, a hawkish Federal Reserve and falling earnings expectations.
