Weekend Update 5/30/2022
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets sharply rebound on easing Fed optimism
🏦 Easing Fed? Strong market rebound on improving inflation data and potential Fed reassessment after couple more #RisingYields hikes. Investors looking to call bottom, but we’ll see with macro data also deteriorating. Markets green with S&P 500 rebounding up almost +7% last week.
👻 Oh Snap! Snap negatively revised its outlook from just a month ago blaming rapidly deteriorating macro conditions. Tuesday’s news pummeled Comm as well as Growth-oriented Tech and Consumer Discretionary. However luckily, red Tuesday ends up an outlier in market rebound week.
🌤 China COVID relief. China began easing restrictions with partial #COVIDRecovery reopening this weekend. Lockdowns straining already stressed global supply chains. Meanwhile, Memorial Day #RevengeTravel looking pre-pandemic despite domestic #COVID19 cases continue to rise.
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As of the publish date, SNAP was not a portfolio holding of Ursa with no near-term plans to open any new positions over the next 5 days. Any mention of these securities is for purely informational purposes only and NOT investment advice.
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.