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Cloudy days for growth stocks in 2021 weren’t surprising given their bright sunny days in 2020 through the pandemic. Growth stocks managed to keep pace with cyclical stocks for much of the year, until late November when high-multiple growth stocks started selling off in anticipation of rising rates. Markets have weathered a lot over the past two years, including pandemic-led drawdowns followed by a V-shaped recovery, surging inflation exacerbated by supply-chain issues, and prospects for an accelerated Federal Reserve tightening cycle. While continued volatility is expected, the big market gyrations should be winding down, allowing investors to refocus on fundamentals.
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