By Tony Pasquariello, Goldman head of hedge fund coverage
The micro narrative of early 2024, while imperfect and uneven, has largely been defined by blistering price action around specific earnings releases in the tech space (witness NFLX, AMZN, META, NVDA, DELL). By contrast, the macro narrative has been a bit trickier, yet it generally points towards a US economy that continues to be stronger-than-expected.
This week didn’t deliver significant surprises on either front -- the micro data set was quite diffuse, while the macro data set was no worse-than-feared -- leaving the market modestly higher.
