Weekend Update 7/2/2023

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

Strong close to 1H 2023 as rally continues on bank stress tests and more balanced data.

💪 Stress test passed. All 23 participating banks passed the annual Fed stress test. A positive signal given the residual #BankingCrisis jitters where multiple mid-sized banks failed. Big banks wasted no time updating shareholder return plans following the results.

🤗 Balanced signals. Balanced economic data keeps trickling in. Q1 GDP was revised upward to +2% while jobless claims slightly fell vs. expectations. Meanwhile, the PCE index rose +0.1% M/M in May slightly lower than expected. Investors continue to look for the end of #RisingYields followed by a #Recession2023 soft landing.

🏈 Halftime party. The markets wrapped up a very bullish first half of 2023. On the back of more balanced economic data, the S&P 500 finished up 2.4% for the week and 6.5% for June. It closes a very strong start to the year up +16% YTD.

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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.