FAANG Stocks Trend Higher On Hope Of Return To Normal Times By Investing.com

By Dhirendra Tripathi

Investing – The FAANG stocks were all up between 0.5% and 1% Tuesday as the acceleration of the return to normal times drove traders to these growth stocks.

Crude Crude Oil WTI Futures fell after showing signs of recovery as the U.S. and Iran entered the final phase of their nuclear talks, rekindling hopes that the Iran’s oil would enter international markets soon.

Markets were also taking an extended breather after last week’s jolt that saw cryptos losing as much as half their value in a single session. The cryptos have since been trying to adjust to new levels but are still struggling.

Moderna ‘s (NASDAQ:MRNA) announcement that its COVID-19 vaccine had been found to be effective in teens was also keeping the overall sentiment positive and driving trades in growth stocks.

In company-specific news, the buzz at Amazon (NASDAQ:AMZN) was also helped by reports the retail giant is nearing a deal to acquire MGM Studios for up to $9 billion. If this happens, it will mark its biggest purchase since acquiring Whole Foods in 2017 for $13.7 billion.

According to Benzinga, Cathie Wood’s ARK Space Exploration & Innovation ETF (NYSE:ARKX) has bought 2,453 shares in Netflix (NASDAQ:NFLX). The investment firm also holds shares of the streaming company via ARK Next Generation Internet ETF (NYSE:ARKW).

Microsoft (NASDAQ:MSFT), not part of the famed FAANG, secured a reiteration of an outperform rating from William Blair analyst Jason Ader.