Weekend Update 7/28/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
AI concerns surfacing as tech rotation leads another week lower
🇺🇸 Election pivot. Markets opened higher after Biden’s decision to withdraw from the presidential race. With Kamala Harris as the new nomination, markets are readjusting election odds. We’ve seen a slight pullback in the #TrumpTrade and a lift in the new #HarrisTrade.
️🤖 AI worries. However, markets slid lower after some disappointing #BigTech earnings. Investors are starting to question the heavy #AI investments without the sales growth to show for it. We see the #AI trade moving away from the hype train into more of a “show me” story.
️💸 Stabilizing inflation. Some positivity though at the end of the week with the June PCE data. Core PCE was a little higher, but still at a reasonable pace to support potential September #RateCuts. The S&P 500 ends a volatile week down -0.8%.
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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.