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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
7/1/2024
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Global shipping costs are now five times higher than in 2023, with Asia-Europe container rates at $8,000 per 40-foot container, up from $1,500. Houthi attacks in the Red Sea, a container shortage, and a potential US dockworker strike have all contributed to the price increase. 1
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In 2014, the US made up about 36% of the world stock market. Today, that percentage has grown to an astounding 48% despite the fact that the US is only responsible for about 25% of global GDP. 2
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AI has continued to drive the stock market higher in 2024. In fact, AI-related S&P 500 companies gained 14.7% in market value in the second quarter, while non-AI stocks lost 1.2%. 3*
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The average interest rate on a used car in Q4 2023 was 11.9%, varying widely by credit score. Super prime borrowers (780+ credit score) saw 7.7%, near prime (600-660) had 14.1%, and subprime (500-600) faced 18.9%. 4
- Barrons - "Shipping Rates Spike, Triggering Inflationary Fears"
- Bespoke - "This Week's Can't-Miss Analysis + Bespoke 50 Update"
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WSJ - "The Quarter That Split the Market, in Six Charts"
- MFS - "Beyond the News"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
S&P final U.S. manufacturing PMI (Jun), Construction spending (May), ISM manufacturing (Jun)
Tuesday:
Federal Reserve Chair Jerome Powell speech in Portugal, Job openings (May), Auto sales (Jun)
Wednesday:
New York Fed President John Williams speech in Portugal, ADP employment (Jun), Initial jobless claims (Jun), U.S. trade deficit (May), S&P final U.S. services PMI (Jun), Factory orders (May), ISM services (Jun)
Thursday:
None scheduled, July 4 holiday
Friday:
New York Fed President John Williams speech in India, U.S. employment report (Jun), U.S. unemployment rate (Jun), U.S. hourly wages (Jun), Hourly wages year over year
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US Futures*
S&P 5,532.00 +0.19%
DOW 39,524.00 +0.13%
NASDAQ 19,966.50
+0.19%
World Markets*
FTSE 8,173.58
+0.12%
NIKKEI 39,361.06
+0.12%
HANG SENG 17,718.61 +0.01%
*values as of 9:30am EST 7/1/2024
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Treasuries*
2 YR 4.779%
10YR 4.449%
30 YR 4.612%
Cryptocurrencies*
BTC-USD
62,986.11
+2.46%
ETH.CM
3,471.09
+1.46%
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Currencies*
Euro $1.0757
Pound $1.2676
Yen $161.3640
Commodities*
Gold 2,337.00
-0.11%
WTI Crude 82.20
+0.80%
Silver 29.54
-0.07%
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Upcoming Earnings Calls
Monday - GTI, DDD, PROC, RDZN, MLGO
Tuesday - WDS, MSM, SBSW, MANU, SLP
Wednesday - STZ, HCM, SPWR, CDMO, GRIN
Thursday- July 4 holiday
Friday - CCEP, ZGN, KALV, QIWI, CNF
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Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.
Glen Eagle Wealth, LLC is a member FINRA and SIPC
This desk commentary is for informational purposes only
Carol Ann Fernandez
Rob Michel
Grier Vacek
Glen Eagle Wealth, LLC
4422C Route 27
PO Box 399
Kingston, NJ 08528
(609) 631-8231
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