Years of Nasdaq beating S&P 500 may be at an end

Nasdaq stocks are in danger of losing their long-held status as U.S. market leaders, according to Michael Shaoul, chief executive officer at Marketfield Asset Management LLC. He raised the possibility in a report Thursday that tracked the ratio between the Nasdaq 100 and S&P 500 indexes. The ratio has fallen as much as 5 percent since July 25, when it peaked after rising 163 percent from a low in September 2002. Losses may mount, Shaoul wrote, because of concern about “future growth or profitability” for Apple Inc. and the four FANG stocks: Facebook Inc., Amazon.com Inc., Netflix Inc. and Alphabet Inc., Google’s owner.