(Yicai Global) Nov. 10 -- Enthusiasm for technology stocks in the US has increased in step with their prices. The Intercontinental Exchange introduced FANG+ futures contracts as a way for investors to bet on tech stocks, the Securities Times reported.
Facebook Inc. [NASDAQ:FB], Amazon.com Inc. [NASDAQ:AMZN], Netflix Inc. [NASDAQ:NFLX], Google parent Alphabet Inc. [NASDAQ:GOOG], Apple Inc. [NASDAQ:AAPL], Baidu Inc. [NASDAQ:BIDU], Alibaba Group [NYSE:BABA], Nvidia Corp. [NASDAQ:NVDA], Tesla Inc. [NASDAQ:TSLA] and Twitter Inc. [NYSE:TWTR] underpin FANG+ with equal weight. Their market capitalization is USD3.5 trillion. The Intercontinental Exchange unveiled its NYSE FANG+ Index in September with an underlying composition of "top performing tech stocks." The FANG+ Index has outperformed the S&P 500 Index since then.
The S&P 500 Index was up 1.82 percent last month, while the information technology sector rose 7.67 percent. Tech stocks contributed 75 percent to the S&P 500's gain last month. The share of technology stocks in the S&P 500 Index reached 24.5 percent, the highest since October 2000, Bank of America Merrill Lynch statistics show.