Weekend Update 11/28/2021
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
New COVID variant has markets in Black Friday tailspin 😷
🦠 Omicron variant fears. New #COVID19 variant Omicron surging in South Africa has countries globally restricting travel again. Still a lot unknown about the new variant, but rampant speculation and thinly traded Black Friday sent markets nose-diving. S&P 500 fell over -2%. #COVIDRecovery names hit hard, but #RevengeTravel including hotels and airlines decimated.
🏦 Powell renominated. Overshadowed by Omicron, Biden renominated Fed Chair Powell signaling monetary policy stability. 10-year treasury yields rose +7% before tumbling -10% on Black Friday’s #COVID19 Omicron scare.
🛍 Untraditional Black Friday. Initial reports peg Black Friday sales uncharacteristically slightly down Y/Y. This year’s dip likely driven by both retailers and consumers spreading out shopping due to #SupplyScare concerns and #COVID19.
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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.