NYSE FANG+ index heads for best week in a year — led by AMD and Meta

Published Fri, Mar 17 202310:05 AM EDT

The NYSE FANG+ index is headed for its best week in one year. The tech-heavy benchmark is 10% higher through Thursday, meaning it's set for its best week going back a year, to March 18, 2022 when the index added as much as 13.61% the week the Fed began raising rates. Nasdaq was led by AMD , Meta , Nvidia , Microsoft , Alphabet and Amazon , which are all higher by more than 10% this week. Tesla , Netflix , Snowflake and Apple lagged. Those big tech stocks are outperforming this week on the back of a sharp pullback in bond yields, with the 10-year Treasury yield falling 11 basis points to 3.45% by Friday morning. The yield on the 2-year Treasury was last down by 6 basis points to 4.069%. Yields and prices move in opposite directions. One basis point is equivalent to 0.01%. The NYSE FANG+ index, which is made up of 10 stocks, exposes traders to some of the most highly-traded growth names in the market. The index has a 22.6% annualized total return from September 2014 to February 2023, according to the Intercontinental Exchange . That compares to a 14.8% annual total return for the NASDAQ-100 index over the same time period, and 10.5% for the S & P 500. Semiconductor maker AMD is up 17.8% week to date, headed for its best week since July 24, 2020, when AMD jumped 26.1%. Facebook-parent Meta advanced 12.3% this week, on pace for its best week since Feb. 3, when the social media stock gained 22.9%. Chip stock Nvidia jumped 12.9% through Thursday, set for its best week since Jan. 27, when the graphics card maker gained 14.2%. AMD 5D mountain AMD shares 5-day Microsoft shares are 11.4% higher week to date, headed for its best week since Nov 11, 2022 when the Xbox maker jumped 11.6%. Of note, if the Windows software parent closes the week more than 11.6% higher, it will be Microsoft's best week since since April, 2015 when Microsoft gained 15.0%. Google-parent Alphabet jumped 10.3%, on pace for the best week since Nov 11, 2022. Amazon shares are up 10% this week, headed for its best week since Jan. 13, when AMZN soared 14%. —CNBC's Gina Francolla and Michael Bloom contributed to this report.