• NVIDIA accounted for 35% of the increase in the S&P 500's market cap since the beginning of the year. This concentration means that if NVIDIA rises, the market is stable; if it falls, the S&P 500 could drop significantly, making investors vulnerable to fluctuations in that single stock. *1
• Before the pandemic, 38% of outstanding mortgages had interest rates below 4%. Today, this figure is 63%. This indicates housing is slowly adjusting to Fed rate hikes, as many households still benefit from low pandemic-era rates. 1
• Younger Americans are investing earlier. On average, Gen Z (born 1997-2012) started saving and investing at 19, while baby boomers (born 1946-1964) began at 35. Despite this early start, only 45% of Gen Zers invest, compared to 54% of millennials (born 1981-1996), 58% of Generation X (born 1965-1980), and 63% of baby boomers. 2
• A study of more than 52,000 employees at 6,800 businesses found that the average distance to work increased a whopping 170% on average, from just 10 miles in 2019 to 27 miles at the end of 2023. 3

1. Apollo - "Chief Economist"
2. Barrons – “Schwab Investing Survey: Gen Z Gets an Early Start as Confidence Rises"
3. MFS - "Beyond the News"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Empire State manufacturing survey (Jun), Philadelphia Fed President Patrick Harker speech, Fed Governor Lisa Cook speech

Tuesday:

U.S. retail sales (May), Retail sales minus autos (May), Industrial production (May), Capacity utilization (May), Business inventories (May), Richmond Fed President Tom Barkin podcast interview, Fed Governor Adriana Kugler speech, Dallas Fed President Laurie Logan speech, St. Louis Fed President Alberto Musalem speech, Chicago Fed President Austan Goolsbee speech

Wednesday:

Juneteenth Day holiday

Thursday:

Initial jobless claims (Jun), U.S. current account (Q2), Housing starts (May), Building permits (May), Philadelphia Fed manufacturing survey (Jun)

Friday:

S&P flash U.S. services PMI (Jun), S&P flash U.S. manufacturing PMI (Jun), Existing home sales (May), U.S. leading economic indicators (May)

Upcoming Earnings Calls

Monday - CSAN, LEN, LZB, GTI, EBF

Tuesday - WDS, KBH, PDCO, DEC, CGNT

Wednesday - HCM, SCS, TDCX, ATEX, SPWR

Thursday- ACN, KR, DRI, JBL, KEP

Friday - CCEP, FDS, KMX, YRD, QIWI

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