Weekend Update 10/29/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
NASDAQ falls into correction territory on #RisingYields concerns and disappointing #BigTech earnings
😞 Disappointing earnings. It was a very volatile week with almost half of our companies reporting earnings. Overall, earnings have skewed to disappointment leading the S&P 500 down -2.5% this week.
📉 NASDAQ correction. The typical #BigTech beat and raises weren’t enough this time for investors. The tech-heavy NASDAQ dropped -3% this week into correction territory down -12% from its mid July high.
🏛️ Shutdown odds rising. Representative Mike Johnson is the next US House Speaker. Given Johnson’s hard right track record, odds for a government shutdown in mid-November are increasing. With only a few more weeks remaining, we expect investors to start paying more attention to it.
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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.