Weekend Update 1/22/2023

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

Light earnings week as investors adjust expectations for the bulk

🛍  Economic worries. December retail sales fell -1.1% more than expected while industrial production dropped -0.7%. Increasing signs of #ConsumerNoConfidence worry investors who continue to adjust #Recession2023 expectations. S&P 500 fell -2.5% through Thursday.

💸  Fed forecasts. A steady stream of Fed officials’ commentary throughout the week compounded negative market sentiment. Commentary was generally hawkish reiterating higher and more restrictive #RisingYields are necessary. However, markets snapped back on more muted commentary Fri and strong earnings. S&P 500 rallied +2%, but still ended week down -1%.

💼  More layoffs. Microsoft cutting 10K jobs this quarter; Amazon moving forward with previously announced 18K layoff plan; Google laying off 12K employees (~6% of employees). The #CorporateBeltTightening that began last year continues into 2023. We wouldn’t be surprised for more cuts as we get closer to #Recession2023.

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As of the publish date, Ursa portfolios may own MSFT, AMZN & GOOG. These securities may cease to be portfolio holdings at some point in the future. 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.