Weekend Update 8/3/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets tumble as the #Goldilocks soft landing optimism fades
🤖 Time to prove it. #BigTech mostly fell on earnings as heavy #AI CapEx spending continues with little additional revenue to show for it. Investors seem to have shifted away from rewarding all the hype to requiring proof.
🏦 Rate cuts coming… The Fed signaled #RateCuts could be coming in September if the inflation and labor data continue to improve. It seems that the wait might finally be over, but the market cheer was short-lived…
📉 …but not soon enough? Weak #LaborMarkets data tanked markets as the July job adds were significantly lower than even the revised lower June number. It seems the “glass half full” market sentiment may be over. The S&P 500 ends down -2% for the week.
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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.