Weekend Update 7/10/2022
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Consumer confidence sentiment U-turn drives market recovery rally
🛢 Oil crash. Oil starts the week tumbling -8% on concerns #RecessionWatch mutes energy demand. First time crude oil fell below $100 in 2 months, but still higher than pre-#UkraineCrisis in Feb. However, some late week recovery has Oil ending week down -3% and back above $100.
️💳 Still high spending. New report shows consumer spending rose +11% Y/Y in June with pent-up #RevengeTravel demand still boosting spending despite overall #InflationFears rising prices. Opposite signal from last week’s poor #ConsumerNoConfidence sentiment.
💼 Labor still strong. US added 372K new jobs in June well-ahead of expectations for 250K. A very healthy labor market likely greenlights another steep #RisingYields rate hike at end of month. Markets continue to be very volatile, but S&P 500 ends week recovering up +2%.
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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.