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The Magnificent 7 mega-caps drove nearly all market gains in the first half of 2024. In the second half, they’ve contributed just 2.9% of the S&P’s rise, while the other 493 stocks made up 97.1%. 1
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OpenAI is now valued higher than 87% of S&P 500 companies. It raised $6.6 billion, reaching a valuation of $157 billion (up from last year’s valuation of $29 billion), making it one of the highest-valued private companies globally, alongside SpaceX and TikTok. 2
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Three states (California, New York, and Texas) are responsible for 40% of all issued municipal bonds. If the current tax cuts expire in 2025, interest in these tax-exempt municipal bonds may gain in popularity among high-income earners. 3
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The S&P 500 has risen by double digits this year, including a rare 2.1% gain in September. Historically, the market rises 79% of the time in Q4 after September gains, averaging a 5.1% increase. *4
- Bespoke - "Equity Market Pros and Cons"
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MarketWatch - "Opinion: OpenAI is now worth more than 87% of S&P 500 companies. It faces a tough test ahead."
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WSJ- "Why Investors Are Putting More Money in State-Specific Muni ETFs"
- Barrons - "The Stock Market Looks Very Strong. Prepare for the S&P 500 to Hit 6000 Soon."
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Fed Governor Michelle Bowman speaks, Minneapolis Fed President Neel Kashkari speaks, Consumer credit (Sep), Atlanta Fed President Raphael Bostic speaks, St. Louis Fed President Alberto Musalem speaks
Tuesday:
Fed Governor Adriana Kugler speaks in Europe, NFIB optimism index (Sep), U.S. trade deficit (Aug), Atlanta Fed President Raphael Bostic speaks, Federal Reserve Vice Chair Philip Jefferson speaks
Wednesday:
Atlanta Fed President Raphael Bostic gives welcoming remarks, Dallas Fed President Lorie Logan speaks, Wholesale inventories (Aug), Chicago Fed President Austan Goolsbee gives opening remarks, Federal Reserve Vice Chair Philip Jefferson speaks, Minutes of Fed's September FOMC meeting, San Francisco Fed President Mary Daly speaks
Thursday:
Initial jobless claims (Oct), Consumer price index (Sep), Core CPI (Sep), CPI year over year, Core CPI year over year, Federal Reserve Governor Lisa Cook speaks, Richmond Fed President Tom Barkin speaks, New York Fed President John Williams speaks
Friday:
Producer price index (Sep), Core PPI (Sep),PPI year over year, Core PPI year over year, Chicago Fed President Austan Goolsbee gives opening remarks, Consumer sentiment (prelim) (Oct), Dallas Fed President Lorie Logan speaks, Federal Reserve Governor Michelle Bowman speaks
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