S&P 500 futures are pointing to another 0.7% gain at the open after Amazon surged 12% premarket after earnings and Apple rose 2.6%. The latest round of earnings has been some comfort to markets after a rough start.
This month is set to be the strongest for the S&P 500 since 2020. The gains were helped by the subtle shift from the Fed, which has boosted stocks 2% this week, but there was a strong seasonal tailwind in July, something I highlighted at the start of the month.
Looking ahead, the picture isn't quite so bright. Some August seasonal highlights:
- Worst month for the German DAX
- Worst month of the year for AUD/JPY (by far) and the yen is generally strong
- Worst month for AUD/USD
- Worst month for copper
- EUR/USD neutral
- Second-best month for gold
- Second worst month for Nikkei
- Neutral for the Nasdaq
- Worst month for NZD/USD
- Fourth-worst month for the S&P 500
- Best month for 10-year bonds (i.e. falling yields)
- Worst month for USD/JPY
