Weekend Update 6/2/2024

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

Markets cool from highs on tech enterprise weakness

🏢 Enterprise weakness. Some offcycle tech earnings dampened the #AI rally sentiment. Markets outside of #AI are broadly weak, in particular, Enterprise Tech. Investors are worried the emerging #AI growth won’t be able to make up for it.

💸 In-line PCE. April PCE grew +0.2% M/M in-line with expectations and down from +0.3% growth in March. It was a good to see some moderation after Q1’s inflation progress regression, but still highlights the ongoing challenge to go to get inflation back under 2%.

🔔 Saved by the bell. The S&P 500 ended down -0.5% for the week on weak tech earnings and inflation concerns. The red week could have been deeper, but was partially saved by a last minute power hour rally on Friday.

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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.