Market Musings 10/2/2024
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
The S&P finished up +2% as #RateCuts reignited #Goldilocks optimism after another early #Recession scare.
🪄 Déjà Vu
September opened lower on another weak #LaborMarkets jobs report, but markets rallied back as #RateCuts officially began.
Markets finished higher as #RateCuts reignited #Goldilocks optimism after another early #Recession scare.
⚔️ October Tension
We opened October with a bit of a scare as #GlobalTension escalated between Israel and Iran. Some initial concern around energy and the supply chain, but investors mostly already resumed their optimism.
However, the jobs report is coming Friday－the same report that triggered sell-offs the past 2 months.
So far, we saw private jobs increase in September, above estimates and a big improvement from August.
That bodes well for Friday, but we still see volatility picking up ahead of the report and as we get into earnings mid-month.
While a #Goldilocks soft landing is expected, markets will need to see new data trending towards it.
We’re still a little skeptical of hitting the soft landing. We believe lagging impact from weakening #LaborMarkets and stressed #ConsumerConfidence is still a big wild card.
As usual, we recommend adding to portfolios regularly and take advantage of any market pullbacks.
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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.
Original Photo by fauxels.