• The market segments that benefited from the stay-at-home economy dominated in the first half of August, but that backdrop began to shift mid-month.
  • Oil dropped by 15% from its yearly high, but subsequently rebounded.
  • This reversal seemed to mark the turning of the tide where cyclical stocks began to reassert their leadership and defensive names took a back seat.
  • The Federal Reserve finally indicated it would begin to start tapering its asset purchases, although the timeline remains vague, and markets weren’t surprised.
  • We continue to watch Florida as a key barometer for the Delta variant and its potential knock-on effects for the wider economy.
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