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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
9/16/2024
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Last year, home insurance companies lost $15.2 billion because of 28 natural disasters that caused more than $1 billion in damages. As a result, homeowners are paying 38% more for insurance now than they did back in 2019. 1
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The acronym "AI" was mentioned 414 times in Q2 2024 earnings calls of major tech companies (Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA), a 5% increase from the previous quarter. 2
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The average credit card interest rate is now 21.5% (up from 15% in 2019), and the average 60-month auto loan interest rate is 8.2% (up from 5.3% in 2019). As a result, delinquency rates on credit cards and auto loans are at the highest level in over a decade. 3
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According to the National Council of Real Estate Investment Fiduciaries (NCREIF), the value of US office properties declined 14.4% on a year-over-year total return basis through 6/30/24. Office properties have now dropped for five consecutive quarters. 2
- Substack - "Home Insurance is a Really Big Problem"
- MFS - "Beyond the News"
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WSJ- "Americans Are Falling Behind on Their Bills. Wall Street Is Alarmed.
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Empire State manufacturing survey (Sep)
Tuesday:
U.S. retail sales (Aug), Retail sales minus autos (Aug), Industrial production (Aug), Capacity utilization (Aug), Business inventories (Jul), Home builder confidence index (Sep)
Wednesday:
Housing starts (Aug), Building permits (Aug), FOMC interest-rate decision, Fed Chair Powell press conference
Thursday:
Initial jobless claims (Sep), Philadelphia Fed manufacturing survey (Sep), Existing home sales (Aug), U.S. leading economic indicators (Aug)
Friday:
None scheduled
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US Markets*
S&P 5,615.12 -0.22%
DOW 41,598.95 +0.50%
NASDAQ 17,534.55
-0.85%
World Markets*
FTSE 8,275.24
+0.03%
NIKKEI 36,581.76
-0.68%
HANG SENG 17,422.12 +0.31%
*values as of 9:45am EST 9/16/2024
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Treasuries*
2 YR 3.578%
10YR 3.661%
30 YR 3.893%
Cryptocurrencies*
BTC-USD
55,690.79
+2.44%
ETH.CM
2,291.37
-3.56%
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Currencies*
Euro $1.1129
Pound $1.3201
Yen $140.4600
Commodities*
Gold 2,612.90
+0.08%
WTI Crude 70.20
+2.25%
Silver 31.27
+0.63%
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Upcoming Earnings Calls
Monday - SDA, EBF, IPX, HITI, SUUN
Tuesday - FERG, APOG, CMP, RCAT, PROC
Wednesday - GIS, SCS, AVNW, RILY, SANG
Thursday- FDX, LEN, DRI, FDS, DAVA
Friday - TBN, PRE, STEC, HRYU, TECFF
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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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