Weekend Update 11/20/2022

Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!

Mixed retail data shows consumer confidence cooling

🏦  Not restrictive yet. Fed officials pouring some cold water on recent Fed pivot rally sentiment. Fed Governor Waller noted we still “got a ways to go” with #RisingYields. Fed President Bullard thinks rates aren’t restrictive yet either and targeting 5-5.25% minimum to get there (currently at 3.75-4%).

🥶  Pivot rally cools. Markets gave back some of the prior week’s rally with S&P 500 slightly down for the week. #RecessionResilient sector rotation with Healthcare and Staples rising and #Flight2Safety Value outperforming roughly flat.

🛍  Consumer trading down. Déjà vu… Walmart crushes earnings again driven by higher income customer mix “trading down” while Target whiffs on pull back in discretionary purchases. While overall spending still seems healthy, it may be just keeping up with higher #InflationFears pricing.

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As of the publish date, Ursa portfolios do not own WMT or TGT with no plans to open positions in the next 5 market 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.