• In 2023, Americans spent $186 billion on pet products and services, more than on childcare. Pet spending has grown faster than overall spending every year since 2011, the longest streak since at least 1960. 1
• As of Tuesday, 9/24, there are six weeks until Election Day 2024. In the last six U.S. Presidential election years, the S&P 500 has averaged a 3.7% decline in the six weeks before Election Day, with declines in four out of six times. *2
• In 2022, only 40% of people aged 18-29 had a positive view of capitalism, 33 percentage points lower than those 65 and older. That may be because the top 1% now hold more wealth than the entire middle 40%, a reversal from three decades ago. Additionally, the wealth of the top 0.01% grew nearly 6x faster than the bottom 50% since 1976. 3
• Average 30-year mortgage rates have dropped to just over 6%, but high home prices are still keeping monthly payments out of reach. Rates would need to fall to about 5.25% for the monthly payment on a $419,000 home to match the average U.S. rent of $1,840. 4

1. Economist - "Bureau of Economic Analysis"
2. Bespoke - "Six Weeks Left"
3. Bloomberg- "How Americans’ Trust in Big Business Went From Bad to Worse"
4. WSJ - "Rent or Buy? How Falling Mortgage Rates Change the Math"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Federal Reserve Governor Michelle Bowman speaks, Chicago Business Barometer (PMI) (Sep), Federal Reserve Chair Jerome Powell speaks

Tuesday:

S&P final U.S. manufacturing PMI (Sep), ISM manufacturing (Sep), Construction spending (Aug), Job openings (Aug), Federal Reserve Governor Lisa Cook speaks, Richmond Fed President Tom Barkin, Atlanta Fed President Raphael Bostic and Boston Fed President Susan Collins on a joint panel about technology-enabled disruption, Auto sales (Sep)

Wednesday:

ADP employment (Sep), Cleveland Fed President Beth Hammack gives welcoming remarks, St. Louis Fed President Alberto Musalem gives opening remarks, Federal Reserve Governor Michelle Bowman speaks, Richmond Fed President Tom Barkin speaks

Thursday:

Initial jobless claims (Sep), S&P final U.S. services PMI (Sep), ISM services (Sep), Factory orders (Aug), Minneapolis Fed President Neel Kashkari moderates discussion with Atlanta Fed President Raphael Bostic

Friday:

U.S. nonfarm payroll (Sep), U.S. unemployment rate (Sep), U.S. hourly wages (Sep), Hourly wages year over year, New York Fed President John Williams gives opening remarks

Upcoming Earnings Calls

Monday - CCL, CUK, IPX, TRAK, HPH

Tuesday - NKE, PAYX, MKC, LW, AYI

Wednesday - RPM, CAG, LEVI, TLRY, NG

Thursday- STZ, VFS, GLPG, ALDX, ANGO

Friday - UEC, APOG, TAYD, BNOX, SGLY

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