Weekend Update 11/2/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Markets slump as investors disagree with Big Tech’s AI spending
💰 AI spending continues. #BigTech earnings had the typical beats, but investors were laser-focused on #AI spending and came away disappointed with expenditures continuing to grow. While we’re seeing #AI revenue increasing, it’s just not enough to justify level of spend.
️💼 October jobs tank. On the macro front, September PCE inflation was in-line. Lots of new #LaborMarkets data as well with private jobs higher and weekly jobless claims falling again. However, the October jobs report saw only 12K jobs added well-below expectations, but likely got a pass due to impact from hurricanes.
📉 Market pullback. The S&P 500 finished the week down -1.4% for a second straight red week. Markets weren’t happy with the level of #BigTech CapEx spending and likely getting cautious ahead of the election next 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.