Weekend Update 1/7/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets open the year lower as yield declines bottom
💸 Yields bottom. 10-year treasury yields rose +5% and back above 4% for the first time in three weeks. Declining yields drove the end of 2023 rally and had been falling from its recent peak near 5% in mid October.
💼 Mixed on strong labor. More strong labor data with private employment, jobless claims, nonfarm payrolls and unemployment all topping expectations. Investors aren’t as enthusiastic anymore about the hot #LaborMarkets as it makes it harder to justify #RateCuts.
️🐱 Soft landing on track? After ending the last two months of 2023 on a +14% run, investors starting to worry the market has gotten ahead of itself with 6 rate cuts expected in 2024. The S&P 500 ended the first week of the year down -1.5%.
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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.