Weekend Update 8/5/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Volatile markets turbulent as debt downgrade weighs on relatively solid earnings…
🧐 Debt downgrade. Fitch Ratings downgraded the US’s long-term debt rating to AA+ from AAA due to expected fiscal deterioration, growing debt burden and erosion of governance. Questioned by many leading stock thought leaders, but still dragged on wavering markets.
💼 Mixed jobs data. July ADP payroll data significantly stronger, but US nonfarm payrolls slightly below expectations. Mixed job data still straddling the line between slowly moderating #LaborMarkets for a soft landing and still too strong for the Fed to end #RisingYields.
🌊 Turbulent earnings. Earnings overall are relatively solid, but perfection is seemingly priced-in. Still some big winners like Amazon, but expectations sky high with disappointment despite beat and raises. Markets pulling back from highs with S&P 500 down -2.3% for the week.
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As of the publish date, Ursa portfolios may own AMZN. 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.