Weekend Update 8/31/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Strong macro data offsets some Nvidia earnings disappointment
🤖 Solid, but not spectacular… Coming into the week, Nvidia earnings was the headliner. Nvidia posted another solid beat and raise continuing to demonstrate strong #AI demand. Shares pulled back after, but due to stratospheric expectations for the #AI leader.
🛍️ Strong macro. Some short-lived #AI bearishness was offset by strong macro data. The Q2 GDP was revised higher on resilient consumer spending and weekly jobless claims were lower than expected again. In addition, no surprise with the July PCE in-line.
🎢 Wild August. The S&P 500 ended slightly higher for the week and up over 2% for August. It was a rollercoaster of the month opening to sharp declines on #Recession fears and rallying back resuming #Goldilocks soft landing expectations.
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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.