Weekend Update 5/27/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Volatile week despite S&P ending essentially flat
🏦 Hawkish Fed? The May Fed meeting minutes came in a little more hawkish than expected with some officials still apparently open to further hikes. It’s causing some investors to rethink expectations for the coveted #Goldilocks soft landing.
️🤖 Another Nvidia blowout. As expected, Nvidia earnings didn’t disappoint with another big blowout beat and raise. However, other #AI names didn’t get much of a halo effect as investors mostly took advantage of the initial gains to “sell the news”.
😅 Still optimistic. Despite the lackluster halo effect from Nvidia’s blowout and the more hawkish Fed minutes, markets remain bullish even with #RateCuts expectations getting further pushed out. The S&P 500 rallied on Friday to end the week essentially flat.
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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.