From Hollywood to Landfills: Wong’s Market Script for August

Stan Wong’s August 2025 portfolio plays target market leaders in streaming, payments, and environmental services.

Editorial Team (ET)August 13, 2025

Equity markets are riding a wave of momentum as summer reaches its peak, with the S&P 500, TSX, and Nasdaq all trading sharply higher since the spring. Investors have been digesting a mix of encouraging inflation data, steady economic growth, and a corporate earnings season that has consistently outperformed expectations. Technology remains the driving force, buoyed by excitement in artificial intelligence, semiconductors, and cloud computing, while broader market participation is beginning to show across cyclicals and defensive sectors.

In Canada, the TSX’s strength in materials has been tempered by softer performance in energy and health care. Inflationary pressures continue to ease, with U.S. CPI dropping to 2.7 per cent and Canada cooling to 2.4 per cent. The U.S. Federal Reserve left interest rates unchanged in July, hinting at the possibility of easing if the disinflation trend holds. On the earnings front, S&P 500 companies have delivered profit growth approaching nine per cent year over year, with mega-cap tech leaders such as Microsoft, Nvidia, and Alphabet maintaining their dominance.

Stan Wong, Portfolio Manager at Scotia Wealth Management, remains constructive on equities, particularly high-quality North American large caps and ETFs. He favours a diversified, selective approach, emphasizing technology, financials, and health care, while maintaining a preference for government and investment-grade corporate bonds in fixed income. For August, Wong’s top picks reflect industry leadership, competitive moats, and compelling growth stories: Netflix, Visa, and Waste Management.

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