Weekend Update 8/20/2023

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

Markets fall again as investors worry the Goldilocks soft landing may not happen…

🏦 More credit crunch. Fitch Ratings warned US bank credit ratings at risk if the US operating environment gets downgraded to ‘aa-‘ potentially triggering a reevaluation of US banks. #CreditCrunch concerns continue to grow.

🛍 Retail too strong. July retail sales grew +0.7% M/M and +3.2% Y/Y as consumer spending stays strong despite #RisingYields and mixed #Recession2023 prospects. Accelerating retails sales doesn’t likely help the case for the Fed to end #RisingYields.

💻 Tech correction. “Goldilocks” soft landing optimism is losing steam with labor markets strong, consumer spending resilient and potentially more rate hikes. The S&P 500 finishes the week lower again down -2% with some high-growth #BigTech entering correction territory off August highs.

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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.