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Daily Capital

August Market Recap: Global, Growth Stocks Finding Favor

Global stock prices marched steadily higher again in August, finding ample reason for enthusiasm from both good and bad news.

Cyclical and value stocks are rallying on indications of robust growth. Meanwhile growth stocks are finding favor when signs of trouble indicate lower interest rates for longer.

Market Impact of COVID-19 Variant

Recently, the delta variant has created a meaningful speed bump to recovery. Mega-tech and other highly priced stocks have responded favorably. Bond prices were choppy but finished the month about flat.

Bull markets are typically driven by expansions in credit while bear markets usually coincide with a contraction in liquidity. Right now, the world is awash with money. The ultimate impact on inflation remains debatable, but many asset types are caught in the currents. The Case-Shiller National Home Price Index rose 18.6% in June from a year ago, the highest rate since its inception in 1987. Eventually, liquidity will retrench for reasons yet unknown. There is no way to know when.

Chinese stocks remained volatile in August as investors evaluated increasing government intervention, especially within the tech sector. Like in the U.S., Chinese mega-tech has been a major driver of wealth creation. It has also created platforms that start to rival government influence over daily life. Increases in Chinese regulation or renewed trade wars remain a global market risk.

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Craig Birk leads the Personal Capital Advisors Investment Committee and serves as Chief Investment Officer. His focus is translating improvements in technology into better financial lives. Craig has been widely quoted in the Wall Street Journal, Bloomberg, CNN Money, the Washington Post and elsewhere. Prior to Personal Capital Advisors, he was a leader within the portfolio management team at Fisher Investments, helping assets under management grow from $1.5 billion to over $40 billion. Craig graduated from the University of California at San Diego and has earned the Certified Financial Planner® designation.
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