Weekend Update 6/25/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets more cautious breaking S&P 500’s 5-week green streak…
🇨🇳 China weakness. China announced new economic stimulus initiatives that were lighter than expected. Markets opened the holiday shortened week lower with China-exposed companies and industries underperforming.
🏦 Powell testimony. Powell testified to Congress reiterating expectations for more #RisingYields hikes likely to come after June’s pause. Markets continue to underestimate the extent of the Fed’s willingness to continue rate hikes.
📉 Broken streak. The S&P 500 snaps its 5-week green streak with the week ending down -1.4%. However, the S&P 500 has recovered from last year’s bear market quickly up +14% YTD and up 20+% since the low last Oct.
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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.