Weekend Update 6/30/2024

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

Markets end June crawling despite inflation progress

πŸ€– Supply-constrained AI? #AI names retreated after a negative read thru from Micron’s warning that leading edge nodes were supply-constrained due to high demand. While the outlook was actually in-line with Street, investors were looking for more to continue the rally.

️😴 No PCE surprise. May PCE was flat M/M with core up +0.1% in-line with expectations. No surprises with the May data largely lining up with the inflation progress narrative from the CPI and PPI reports a couple weeks ago.

πŸ“ˆ Green June. Another strong month for markets with the S&P 500 ending June up another 3.5%. However, we’re entering July with a lot more caution with the rally slowing in the past 2 weeks.

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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.