Weekend Update 5/5/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets retrenched in April, but starting May with optimism
🌧️ April showers. The S&P 500 finished April down -4% with markets finally taking a breather after a +10% YTD start. Stalling inflation progress chipped away at investor #RateCuts optimism that has still remained incredibly resilient.
🏦 Fed calms markets. At the April/May meeting, the Fed held rates steady and more cautious given the recent inflation re-acceleration. However, investors still saw a dovish Fed latching on to commentary that that rate hikes were still not back on the table.
️💼 Weakening jobs market? Markets cheered the April jobs report with nonfarm payrolls lower than expected, unemployment rate higher and average hourly earnings lower. The S&P 500 has started May up +2% MTD.
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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.