Still Earning Nothing on Savings -- Investor Insights from Glen Eagle

Still Earning Nothing on Savings

April 8, 2024

Enjoy this week's "Investor Insights," a weekly newsletter that highlights the financial news you need and provides tips and tricks for making better investment decisions.

Despite higher interest rates and a fed funds target rate above 5% only 22% of people with savings are earning above 4%. A shocking 34% of savers are still earning less than 1% on their money. ₁

March was the 5th straight month that the S&P 500 rose by 1% or more. This is only the 13th time since WWII that the market has had this many consecutive monthly increases. On every prior occurrence, the market was higher a year later with a median gain of 9.7%. ₂

Tesla’s market value peaked above $1.2 trillion last November, up more than 2,000% in a mere two years. However, this year the company is down 34% and is the worst performer in the S&P 500. ₃

In a recent survey of large and small business CFOs, 51.1% reported that their companies recently implemented automated tasks previously done by employees. 37% of those firms reported laying off employees or slowing their hiring of new employees. ₄

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Sources:

Bankrate
Bespoke – “Beyond the News – BTN 4-2-24”
WSJ – “The Inside Tale of Tesla’s Fall to Earth”
Duke University, Richmond Fed

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Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.

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