Weekend Update 9/22/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Rate cuts finally arrive powering markets to new highs
🏦 Rate cuts… finally. The Fed announced the first #RateCuts with a 50bps cut this meeting and 50 more expected this year. Powell did try to temper market expectations saying there is “no rush” and will still be data dependent for future cuts.
💼 Improving jobs? Investors seemed to be seconding guessing the big cut initially, but concerns faded with stronger #LaborMarkets data the next day. Weekly jobless claims fell to 219K but better than expectations for worse.
🥳 Rally to new highs. After the initial hesitation, markets saw a delayed rally on Thursday with the S&P hitting new highs. The S&P 500 ended up 1.4% for the week.
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