The rising global trade tensions have continued to hit both the Chinese and U.S. stock markets. The Shanghai Composite is down near a 2-year low and nearly 20% since January of this year, while the Dow rose 30.31 points, or 0.1%, to 24,283.11, closing below its 200-day moving average for the second straight session.
For other benchmarks, the S&P 500 gained 0.2%, closing at 2,723.06, and the Nasdaq Composite Index (IXIC) added 29.62 points to 7,561.63, moving 0.4%.
Yet, many investors are finding safe haven within tech companies, specifically FANG (Facebook, Apple, Netflix, and Alphabet) stocks. Although FANG stocks suffered sell-offs earlier today, all but Alphabet have rebounded, with Facebook (FB), Apple (AAPL), and Netflix (NFLX) up 1.35%, 1.24%, and 3.88%, respectively. The case is similar for the FANG type stocks in China—Baidu, Alibaba, JD.com, and Tencent Holdings—which are outperforming when compared to the rest of the market.