Weekend Update 4/9/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets waver as weak economic data gives pause to bull rally…
🛢 Surprise OPEC cut. OPEC top producer Saudi Arabia will cut 500K barrels per day. A surprising move with expectations for no additional cuts. Crude oil surged up 7% lat week as investors weigh higher energy pricing impact on #InflationFears.
🥶 Cooling sentiment. Short week with Good Friday market holiday. Bullish markets starting to waver with growing #Recession2023 uncertainty from weak economic data. The S&P 500 finished just slightly lower for the week.
💼 Holiday jobs report. The US added 236K jobs in March just slightly under expectations for 239K. Unemployment slightly fell to 3.5% and wage growth continued to decelerate up 4.2% Y/Y. While more signs of slowing, #LaborMarkets still fairly strong.
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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.