Weekend Update 3/24/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets surge to new highs after dovish Fed holds #RateCut expectations steady
🕊️ Surprisingly dovish Fed. While widely expected to hold rates flat this meeting, the Fed surprised markets with dovish commentary despite the recent uptick in inflation data. The dot plot forecast signaled that Fed officials are still expecting 3 #RateCuts this year.
🎉 AI party. #AI euphoria continued with week driven by Nvidia’s GTC conference (obviously focused on #AI) and Micron’s blowout earnings. “Picks and Shovels” server infrastructure players continue to be strong beneficiaries as demand for generative #AI requires significant buildout.
🥳 New highs. The S&P 500 rose 2.3% this week to new all-time highs bolstered by continued #AI euphoria and the surprisingly dovish Fed commentary. Market eagerly anticipating the start of cuts to hopefully avoid any economic recession.
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As of the publish date, Ursa portfolios may own NVDA & MU. 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.