It's August, and volumes are seasonally light. But there are some surprising pockets of strength — and not just technology.
Speculative technology has been having a moment in the last month, as many of Cathie Wood's holdings have rocketed off of their June lows. Ark Innovation holdings Coinbase : up 108% Roblox : up 48% Block: up 39% Unity Software: up 35% Robinhood: up 29% Spotify: up 27% But there have been surprising pockets of strength in other cyclical sectors, particularly transports, where airlines have been outperforming most of the market. Transports Avis Budget : up 27% J.B.
Hunt : up 19% American Airlines: up 18% Alaska Airlines: up 16% Delta Air Lines: up 16% Big, boring global industrials, which get much of their revenues outside the United States, have also been strong. Industrials Ingersoll Rand : up 19% General Electric : up 18% Eaton: up 17% Johnson Controls: up 15% Illinois Tool Works: up 15% Cars and housing have been bouncing back, and it's not just Tesla ; the old-school car makers are doing better as well.
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