Here are the market events from this week you need to know:
Global Economic Update
- The S&P 500 is up 1.88% this week, putting 2024 in the green +0.91%
- This is mainly a result of the CPI report on Thursday, which showed a hotter than expected US economy, easing recession concerns
- Airline stocks had a tough Friday, down 9-10% after airlines trimmed 2024 forecasts
- After an American airstrike in Yemen, oil is up 1%
- In foreign markets, Chinese markets continued to drop as foreign exports declined
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 well this week as a result of the CPI report explained above, which shows the tech* sector that Fed cuts may not lead the American economy into a recession (*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 up this week due to the situation discussed above, and Chinese markets are down after export numbers were released.
Our stock picks will be sent on Sunday.
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