Market Musings 11/4/2024
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
The S&P ended October down -1% as #AI spend sinks markets; investors bracing for election uncertainty, but we’re wary of #LaborMarkets.
🧐 October Scrutiny
While opening with an Iran missile attack scare, October rallied early on falling energy prices and strong bank earnings.
However, trading got more dicey getting into the bulk of earnings with continued #BigTech #AI spending ultimately sinking markets.
The S&P 500 ended the month down -1%.
🤔 November Uncertainty
We opened November last Friday with a very poor jobs report that was mostly shrugged off with markets blaming hurricanes and focusing instead on some strong company earnings.
However, markets trading more cautiously today with a lot of uncertainty upcoming particularly this week with both the election tomorrow and the Fed meeting.
So, nothing yet has derailed the market’s expectations for a #Goldilocks soft landing. However, we’re still fairly cautious on #LaborMarkets.
We’re surprised the poor October jobs report didn’t shake confidence more. 12K added jobs was significantly lower than expected－even with hurricanes.
We also continue to see companies continuing to laying off employees.
We’ll be very interested in the jobs data this month as well as the next jobs report where we think investors will expect it to make up for October.
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.