Stock markets could continue to slow down now that the major tech giants leading the bull have lost momentum, Bleakley Advisory Group’s Peter Boockvar told CNBC on Tuesday.
FAANG, a term coined by CNBC’s Jim Cramer, stands for Facebook, Apple, Amazon, Netflix, and Google parent Alphabet.
Boockvar said the stock group began to fall apart when Facebook disappointed in the second quarter and shares fell more than 24 percent.
Then Apple followed, he said, with a mixed fiscal fourth-quarter report that revealed its iPhone sales were practically flat year over year.
Boockvar even points to Amazon’s $ 1 trillion market cap in September as a cause for concern about the company’s continued growth, as competition “is getting more intense.”
“Taken together, there’s really no leadership anymore in the stock market,” he argued.
Combined with the woes that technology stocks had in October and the slowdown that’s reaching global markets, Boockvar says it could implicate the broader market, as it has already impacted semiconductor stocks.
“So, each of these stocks, going forward, are going to trade on their own footing and not as a group,” he said.
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