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FAANG is this week's chump

This week’s champ is Thanksgiving dinner. Thanksgiving is always a champ – a time for food, family and football.

The American Farm Bureau found that the price of a Thanksgiving meal fell for the third straight year. A survey of grocery store prices this year showed the average cost of a meal for 10 people was $48 dollars and 90 cents, a 22-cent decrease from 2017. A 16-pound turkey is down 67 cents from a year ago.

This week’s chump is FAANG. Facebook, Apple, Amazon, Netflix and Google (AKA Alphabet) all got thwacked to start this week. On Tuesday, the FAANGs had collectively lost $1 trillion from their market caps. Facebook: down $253 billion. Amazon: down $280 billion. Apple: $253 billion. Netflix: $67 billion. Alphabet: lost $164 billion dollars in market capitalization.

As the crypto market reels from a weeklong downturn that has forced the bitcoin price to its lowest point in almost 14 months, it appears that traditional markets do not intend to welcome investors back with open arms. Markets Erase Year-to-Date Gains Following yet another decline on Tuesday, the Dow Jones Industrial Average, S&P 500,

The FAANGs are now in a bear market – having dropped 20 percent or more from their 52-week high. What’s even crazier than the numbers is that since Facebook debuted as a publicly traded company, it has never – not once – been in a bear market at the same time as Alphabet.

As if matters couldn’t get any worse for the FAANGs, Netflix has fallen into what technical analysts call the death cross – meaning its 50-day moving average is below its 200-day moving average. Netflix became the third of the FAANGs to fall into the dreaded pattern, following Facebook and Alphabet.

The FAANG stocks are this week’s chump.

Dion Rabouin is a markets reporter for Yahoo Finance. Follow him on Twitter: @DionRabouin.

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