Weekend Update 3/10/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
After another AI rally, markets turn its focus back to the macro environment
🏦 Powell stays the course. Testifying to Congress last week, Powell noted #RateCuts could likely begin this year with the Fed gaining more confidence on inflation’s longer term trajectory. Markets viewed essentially no new developments as a positive.
💼 Mixed labor continues. Another month of mixed labor data with more than expected US jobs added in February while unemployment also rose more. It’s more balanced #Goldilocks data, but may not be enough if recently rising inflation doesn’t retrench quickly.
🧐 Macro markets. Despite some early residual #AI optimism on Monday, markets returned to a macro focus last week. It was a mixed reaction to Powell’s testimony and the labor data. Despite lots of volatility, the S&P 500 just ends slightly down -0.3% for the week.
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