Moderna, Software Stocks Rebound in August as Hedge Fund Unwind Lifts Battered Names
Updated
Updated · CNBC · Aug 31
Moderna, Software Stocks Rebound in August as Hedge Fund Unwind Lifts Battered Names
1 articles · Updated · CNBC · Aug 31
Summary
August turned into a comeback month for several of the S&P 500’s most battered stocks, with Moderna leading after positive melanoma vaccine data and software names snapping back from deep selloffs.
Improving fundamentals drove much of the rebound, while Cramer said late-July unwinds by leveraged fund Situational Awareness amplified gains in software stocks it had heavily bet against.
Palantir, Salesforce, ServiceNow, Veeva and Gartner all rallied as results and business trends undercut fears that AI would erode software demand or make parts of their businesses obsolete.
Outside software, Newmont rose with gold’s recovery, Super Micro and Sandisk surged on AI-memory demand, and Coinbase climbed as crypto rebounded amid worries over U.S. debt and dollar weakness.
The month’s winners shared a common pattern: bearish narratives that had dominated for months lost force once company performance or market conditions failed to validate them.