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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
7/22/2024
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In 2023, American companies held 32 of the top 50 spots in market capitalization, the highest number since 1995. U.S. companies comprised 74% of the total market value of the 50 largest companies, while Chinese companies only accounted for 3%. 1*
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Only 13% of U.S. workers now earn less than $15 an hour, down from 31.9% two years ago. This has been partly driven by high inflation and strong demand for workers. 2
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The S&P 500 index is market value-weighted, which means the Magnificent Seven stocks represent around 30% of the index. This high concentration in a few stocks is one reason the Invesco S&P 500 Equal Weight ETF (RSP) has seen $11 billion in net inflows this year. The seven tech stars collectively constitute less than 2% of the RSP. 3*
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In the first half of 2024, 346 US companies filed for bankruptcy, the highest first-half total since 2010. In June, 75 companies filed for bankruptcy, the highest monthly total since 2020. 4
- Bloomberg - "The Future Belongs to American Companies, Not Necessarily to Americans"
- Axios - "America's Wage Boost: There are Fewer Low-Wage Workers in the US Now"
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Barrons- "At Long Last, the 'Other S&P 500' Takes a Bow"
- MFS- "Beyond the News"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
None scheduled
Tuesday:
Existing home sales (Jun), S&P flash U.S. services PMI (Jul), S&P flash U.S. manufacturing PMI (Jul)
Wednesday:
New home sales (Jun), Fed Governor Michelle Bowman opening remarks
Thursday:
GDP (Q2), Initial jobless claims (Jul), Durable-goods orders (Jun), Durable-goods minus transportation (Jun), Advanced U.S. trade balance in goods (Jun), Advanced retail inventories (Jun), Advanced wholesale inventories (Jun)
Friday:
Personal income (nominal) (Jun), Personal spending (nominal) (Jun), PCE index (Jun), PCE (year-over-year), Core PCE index (Jun), Core PCE (year-over-year), Consumer sentiment (final) (Jul)
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US Futures*
S&P 5,588.50 +0.62%
DOW 40,618.00 +0.13%
NASDAQ 19,938.25
+1.14%
World Markets*
FTSE 8,237.18
+1.01%
NIKKEI 39,599.00
-1.16%
HANG SENG 17,635.88 +1.25%
*values as of 9:45am EST 7/22/2024
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Treasuries*
2 YR 4.519%
10YR 4.218%
30 YR 4.421%
Cryptocurrencies*
BTC-USD
67,184.05
+0.68%
ETH.CM
3,468.93
-0.46%
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Currencies*
Euro $1.0881
Pound $1.2916
Yen $156.8420
Commodities*
Gold 2,398.30
-0.03%
WTI Crude 79.31
-1.03%
Silver 29.17
-0.42%
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Upcoming Earnings Calls
Monday - SAP, VZ, HDB, RYAAY, CDNS
Tuesday - GOOGL, TSLA, V, KO, TXN
Wednesday - TMO, FMX, IBM, NOW, NEE
Thursday- ABBV, AZN, LYG, TTE, UNP
Friday - IBN, BMY, CL, AON, MMM
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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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