• A recent congressional report found that 26.5% of surveyed American Olympic athletes earn under $15,000 annually. This year’s report found athletes were poorer for having competed, paying a net cost of about $12,000 a year after accounting for travel, entry fees, and other expenses. 1
• The US federal government continues to accelerate the pace at which it increases its debt burden. Since December 2019, US government debt has increased by $11.6 trillion, while nominal GDP has grown by $6.7 trillion. 2
• US existing home sales inventory has risen for 11 consecutive months, returning to pre-COVID levels, yet the median sales price reached a record high of $406,770 in June. 3
• On 7/28/24, we entered the last 100 days of the 2024 presidential election. Since WWII, the S&P 500 has averaged a 1.8% gain (median: 2.1%) in the 100 days before a presidential election, with gains 68% of the time. *3

1. WSJ - "To Go for the Gold, These Olympians Went into the Red"
2. Apollo - "Comparing Growth in Government Debt with Growth in Nominal GDP"
3. MFS- "Beyond the News"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Chicago Fed President Goolsbee TV interview, S&P final U.S. services PMI (Jul), ISM services (Jul)

Tuesday:

U.S. trade deficit (Jun)

Wednesday:

Consumer credit (Jun)

Thursday:

Initial jobless claims (Aug), Wholesale inventories (Jun), Richmond Fed President Tom Barkin speaks

Friday:

None scheduled

Upcoming Earnings Calls

Monday - SMFG, CSX, PLTR, WMB, O

Tuesday - AMGN, CAT, UBER, ABNB, DUK

Wednesday - NVO, DIS, MCK, CVS, SHOP

Thursday- LLY, BABA, GILD, PBR, BN

Friday - EVRG, LEGN, VFS, AQN, NFE

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