Global Economic Update
- The S&P 500 is down 1.53% this week, breaking eight weeks of gains after labor markets shift and geopolitical tensions
- New data this week showed the global labor force is shrinking, which raises labor costs, thus fueling inflation
- This has worried investors that rate cuts may not be coming in the next few months as previously anticipated
- In foreign markets, Chinese markets continued to drop as property prices do the same (deflation worries)
News Regarding Omega Trades Stock Picks
Tech - The tech industry affects our stock pick securities such as SKYY (Cloud Computing ETF), and IBM (IBM). The tech sector performed poorly this week as a result of the inflation and rate cut situation explained above, which shows the tech* sector that cuts may be farther away than previously thought (*many tech companies offer services that are not necessary for companies and individuals to operate, and in a slow economy their services are among the first to be eliminated).
International economies - Our long-term investment picks include both American and Chinese economic ETFs. ETFs tied to the U.S. are down this week due to the situation discussed above, and Chinese markets acted similarly due to the current poor real estate market.
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"Will There Be a Bull Market in 2024?" Yes, despite the sluggish start, evidence suggests a bullish inclination for 2024. Market dynamics, historical trends, and expert sentiments collectively point towards an optimistic outlook for the remainder of the year.
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