Weekend Update 1/21/2024

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

Strong tech optimism pushes S&P 500 to new highs after 2 years

💸 Higher for longer? Markets opened the week lower as quick #RateCut expectations were dialed back on strong, resilient economic data and Fed Governor Waller noting ‘no reason’ for rates to be cut as quickly as in the past.

️😇 Tech halo. However, investors pushed past delayed #RateCut timing fears with tech rallying strongly on TSMC’s rosy outlook. Semis in particular benefited as likely drivers of TSMC’s outlook from surging #AI demand.

️🎉 New record high. The end of week rally drove the S&P 500 to finish up 1.2% for the week and setting a new all-time high of $4,839.81 surpassing the previous record from January 2022.

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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.