After a horrific first half, the S&P 500 had its best month since November 2020 and Nasdaq 100 had its strongest performance since April of that same year.
soaring as higher revenues from the pair of iconic powerhouses countered fears about a profit slowdown at time when the industry is rethinking its staffing needs.
“The fact that earnings are not as bad as feared is a very constructive thing for the markets,” said Anastasia Amoroso, chief investment strategist at iCapital. Two key US price gauges posted larger-than-forecast increases, with the personal consumption expenditures index -- which forms the basis for theConsumers’ long-term inflation expectations also remained elevated. Swaps showed traders increased bets on a 75-basis-point hike in September, though they continued to wager that a 50-basis-point hike was the most likely outcome.
“This is a rally within a bear market rather than the start of a new bull market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “We would expect a lower P/E ratio if we were at the bottom of the market. While the equity market has partially recovered, we expect it will retest the lows we saw in June.”
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