US – Positive on Growth | Harris Fraser
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18 January, 2022
US – Positive on Growth

US markets rebounded with thin trading during holiday season. Early reports have seemingly concluded that the Omicron variant could pose less of a concern, lifting market sentiment. Over the month of December, all 3 equity indices posted gains, the NASDAQ, the S&P 500, and the Dow gained 0.69%, 4.36%, and 5.38%, with the latter 2 setting new record highs during the month.

At the time of writing, Omicron is the dominant strain in the US, helped by its high transmissibility which exceeds that of the Delta variant. The good news is early data from South Africa showed limited impact on the healthcare system, which was supportive of global financial markets, as it ensures limited disruption to the economy with no lockdowns and restrictions imposed. In the New Year, we expect the global economic recovery to slow down, as the low base effect fades out in 2021, but the economic growth should still remain above the long term trend.


With inflation remaining at an elevated level, rates are expected to go higher, with the Fed expressing desire to tighten monetary policy to rein in inflation. There are opinions that the rise in rates could impact growth sectors disproportionally, but long term rates have actually stayed relatively stable, the volatility in the sector is more likely due to profit taking rather than an actual impact on the company prospects. Looking forward, we are still positive on the US equity market, and expect growth stocks to outperform amid slower economic growth.
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