Weekend Update 2/25/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Blowout earnings from Nvidia sends market to new high
🤖️ AI train. Despite some pullback into earnings, #AI bellweather Nvidia crushed expectations again as demand continues to outstrip supply. Investors continue to see #AI as a significant growth driver regardless of any potential recession impact.
📈 Market rallies again. Any pre-earnings concerns quickly faded after Nvidia’s report Wednesday aftermarket. The S&P 500 soared the next day to recover from a pullback in the lead up to finish the week up 2%.
🥚 Staples strength. Lost in the #AI euphoria, consumer staples had a strong week from major retailer earnings and slowing deflation. Optimistic #Goldilocks soft landing expectations likely pulling back.
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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.