Weekend Update 7/14/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets extend rally as inflation progress continues
π CPI Surprise. June CPI unexpectedly fell -0.1% M/M while core grew just +0.1%οΌboth below expectations. It was the second slower monthly reading in a row and continues to bolster renewed September #RateCuts. The PPI data was a little mixed, but didn’t deter optimism.
ποΈ Value Rotation. With more clarity on #RateCuts and by extension the #Goldilocks soft landing, investors reengaging with Value names at the expense of rotating out of Growth. Value outperformed up +2% last week while Growth was flat.
ποΈ Weakening consumer? The earnings season kicked off this week with some early reporters. Consumer spending may be starting to weaken. Credit loss provisions spiked and some warning of lower income consumers pulling back on spending.
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