Liontree Weekly Update
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Liontree Weekly Update
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202620252024

The market melt up is back in action with the Dow and the Russell 2000 hitting fresh new highs, and Nasdaq rising +2.4% this week, driven by the SOX up a massive +7.3%) Investors were more optimistic about the peace agreement but yields moved higher post Wednesday’s FOMC meeting which further raised the prospect of a rate hike this year. As usual, there was no shortage of impactful developments and updates across the sector.

A roller coaster week ended with a bang with the SpaceX IPO closing +19% above its initial pricing. There are a lot of moving parts when talking about SpaceX but see Theme #1 for some thoughts and perspectives. In the background, while the major indices were up and down, the S&P 500 and Nasdaq closed up roughly +0.7% (following last week’s strong sell off), with semis a major driver (the SOX rallied +9.4%). Optimism on a deal with Iran emerging as soon as next week was a late week catalyst.

Volatility emerged in full force this week with a huge tech rally to start to the week and an even bigger tech sell-off to close the week. Investors were quick to hit the sell button on Tech after what seemed like an endless number of days doing nothing but going straight up.