Weekend Update 10/8/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Market seesaws on mixed #LaborMarkets data…
💼 Labor uncertainty. Mixed #LaborMarkets data had markets seesawing all week. Strong JOLTS new jobs sent markets lower Tuesday before rebounding Wednesday and Thursday on muted payroll data and lower jobless claims. The S&P 500 ended the week up +0.5%.
️🛢️ Oil relief. Crude oil ended the week down -12% from its recent peak last week at $83 per barrel. It’s a welcome relief from the higher energy prices driving a resurgence in overall #InflationFears with potential longer-term consequences for core inflation as well.
🏛 Shutdown averted? The US government averted a shutdown last weekend with a 45-day interim stopgap funding bill. However, with recent ouster of former House Speaker McCarthy, another federal shutdown may be looming next month.
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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.