Weekend Update 5/22/2022
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Retail tanks on supply, logistics, labor and inflation
🛍 Retail selloff. Retailers’ profitability hit sounded the alarm with negative impact from higher markdowns, freight costs, supply disruptions and labor costs. Perfect storm of #RecessionWatch fears fueled market panic. Consumer sectors badly underperformed very bearish market week down -8%.
💋 Flirting with bear market. Another bearish market week as S&P 500 dipped again into bear territory. While a power hour recovery rally ended Friday flat, S&P 500 ends week down -3%. It’s the 7th negative market week in past 8 for the S&P 500…
🦠 COVID cases rising again. 🇺🇸 #COVID19 cases rising again with NYC in ‘high’ alert level and recommending masks again. On the other coast, #BigTech delaying in-progress #Back2Work plans. While causing supply issues abroad from 🇨🇳 lockdowns, we don’t expect a new 🇺🇸 #COVID19 wave to have the same impact as past years, but we’ll be monitoring nonetheless.
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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.