August was the month of the comeback kids. Cramer reviews what drove the biggest winners
CNBC's Jim Cramer said August was a comeback month for stocks that had been battered by bearish narratives.
TL;DR
- August was a comeback month for stocks that had been under pressure from bearish narratives.
- Improving fundamentals helped challenge fears and fuel sharp rebounds.
- Moderna led the S&P 500 in August with a 156% gain following promising results for its experimental melanoma vaccine.
- Enterprise software stocks like Palantir, Veeva Systems, Salesforce, and ServiceNow rebounded, partly due to the unwinding of trades by the leveraged fund Situational Awareness.
- Super Micro Computer and Sandisk surged due to booming demand for memory used in AI data centers.
- Coinbase was among the top performers as cryptocurrencies rebounded, serving as a proxy for crypto market exposure.
- Miner Newmont benefited from an emerging recovery in gold prices.