De-FANGed?

Dark in the city
Night is a wire
Steam in the subway
Earth is afire
--Duran Duran

Like markets as a whole, the FANG complex has run up alongside central bank balance sheets.

However, in early 2022 this group has sold off hard (above graph precedes the decline), presumably in anticipation of a hawkish Fed. 

Because of their huge market caps, FANG stock weakness is beginning to weigh heavily on the major indexes. The NASDAQ is down more than 10% thus far in January and is poised for its worst annual start since the 2008 credit crisis. 

It's easy to imagine how this situation could snowball. If it does, then prepare for the Fed, beholden to stock market performance, to begin backing off their hawkish stance.

As always.