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Markets That Matter – 2021 September – Newsletter

Markets continue posting new all-time highs, the Fed continues to tell us that any inflation is transitory while the Delta variant continues to cause concerns around the world. What lies ahead? September is historically the S&P 500’s worst-performing month and there is set to be an important FOMC meeting towards the end of it. Bitcoin has caught an upside breakout of its recent range but is Ethereum starting to be the crypto leader? Plenty to discuss in this month’s letter as we look ahead to the rest of the month and what we can expect from markets.

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Q2 earnings season wraps up following more stunning reporting from corporates as 86.8% of companies outperformed their estimates, well above the 71% average from the past decade. Earnings per share growth also smashed expectations, with firms showing their strongest growth since Q4 of 2009 (86.5% act v 67% exp)! 

But of course, it wasn’t all fun and games for everyone. If you have been paying attention over the past 18 months you may have heard of the video streaming company Zoom which has been here, there and everywhere. If you work in an office then it’s more than likely you will have participated in their services. That participation probably contributed to their impressive $1bn quarterly revenue – but the stock price fell 11% post report, why? This was due to the failure to impress investors with their Q3 guidance as they warned of a slowdown in growth, under analyst expectations. 

Zoom ($ZM) is interestingly placed right now. While some stay-at-home stocks have been hit hard as they aren’t needed anymore with the world reopening, such as Peloton (PTON) as gyms are now a viable alternative again, Zoom is still in demand as people remain working from home and offices aren’t expected to be full for some time.

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