S&P 500 rebound in August lifts Moderna, software and crypto-linked stocks
Wall Street's late-summer rally is reshaping sentiment around several stocks that had spent months weighed down by doubts over growth, artificial intelligence disruption and deal risk. On the final trading day of August, the month's biggest S&P 500 gainers include companies from biotech and software to mining and digital assets, reflecting a broader reversal in bearish market narratives.
Highlights
- Moderna leads August S&P 500 gains after reporting promising melanoma vaccine results with Merck, reinforcing optimism about its mRNA platform.
- Enterprise software stocks—including Palantir, Veeva Systems, Salesforce, and ServiceNow—rebound in August as strong earnings and diminished AI disruption fears drive buying.
- Newmont rises alongside a gold price recovery, though Jim Cramer signals a preference for Agnico Eagle Mines among mining stocks.
August rebound drivers across sectors
As reported by CNBC, Jim Cramer says August becomes a comeback month for stocks that had been pressured by some of Wall Street's strongest bearish themes, with improving fundamentals helping trigger sharp rebounds.Moderna leads the S&P 500 in August after reporting promising results for its experimental melanoma vaccine with Merck, pushing back against doubts that its mRNA platform can deliver another major breakthrough. In enterprise software, Palantir, Veeva Systems, Salesforce and ServiceNow also rank among the major gainers after earlier selloffs tied to concerns about how durable software demand remains in the AI era.
Cramer says those software declines are worsened by the presence of Situational Awareness, a highly leveraged fund that had placed large bets against the sector on that thesis. He adds that Palantir's earlier weakness never makes sense given its combination of revenue growth and profitability, while Salesforce rebounds after a strong quarter undercuts fears of a "SaaSpocalypse" and ServiceNow rallies after showing it can fold AI into its existing business.
Veeva, which focuses on life sciences, also recovers with the wider software group as fears that AI would disrupt its business prove overblown. Outside software, Newmont benefits from an emerging recovery in gold prices, although Cramer says he prefers Agnico Eagle Mines among miners.
In our earlier article on U.S. stocks heading for a strong August, we noted that the S&P 500 was notching record highs as robust corporate profits helped underpin the rally. We also flagged that seasonal patterns often turn less favorable in September, with added risks from sticky inflation and geopolitical tensions that could make the next leg of the market more volatile.
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