Weekend Update 4/7/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets end lower after a volatile macro week
🏦 Fed caution. After a short rally from last week’s in-line PCE data, markets turned cautious early in the week. Worries were compounded by hawkish commentary from multiple Fed officials emphasizing not enough confidence yet that inflation would get back to the 2% target.
️💼 Slowing wages. However, Friday’s jobs reports reinvigorated the rally. While #LaborMarkets continue to show resilience, wage growth slowed to a low not seen since June 2021 boosting investor confidence in inflation declines.
💸 Mixed macro. Mixed week overall as the job report rally partial offset the earlier week’s declines from more hawkish Fed remarks. The S&P 500 ended the week down -1% heading into a big inflation progress test with the CPI and PPI releasing next week.
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