Adios, August. Don’t let the door hit you on the way out.
“The summer break sees investors returning to markets not looking much different from when they left,” Mark Tinker, head of AXA IM Framlington Equities Asia, has been telling clients.
Look to the numbers for rationale behind a lack of cheering for this month. The S&P 500 is set to snap a four-month winning streak, with a 0.5% drop for August in what would be the biggest monthly loss of the year. The Dow industrials, meanwhile, has been spinning its wheels. That’s as some say September can be lousy for stocks.
The best August may have to offer is the tech-heavy Nasdaq Composite, which is set to gain an equally unimpressive 0.3%, after a 3.4% rally in July. But while some shine has come off the sector this month, it seems a spark may have been ignited in the waning days of summer.
Now that matters because the tech overlords have led the overall market higher this year.
So yesterday, Apple
closed up 0.3% higher (yawn), but did nail a fresh all-time high at $163.35, in its fourth-straight win. Microsoft