Weekend Update 8/27/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets break 2 week loss streak despite faltering #AI rally…
🤖 AI rally peaking? Nvidia crushed earnings with its outlook blowing out even sky-high #AI whisper number expectations. However, despite the initial afterhours surge, markets pulled back the day after with investors selling the news giving up earlier gains.
💸 Powell speech. Nothing really new from Powell’s Jackson Hole Symposium speech, but markets welcomed no surprises with #RisingYields expectations growing the past few weeks. The S&P 500 rose Friday to end the week up +0.8%.
🏦 More credit crunch (again). S&P Global downgraded 5 US regional banks due to tough operating conditions. This follows Moody’s downgrades a couple weeks ago and Fitch’s warning last week. #CreditCrunch worries continue to build with Financials continuing to underperform.
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As of the publish date, Ursa portfolios may own NVDA. 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.