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
WSJ - "To Go for the Gold, These Olympians Went into the Red"
Apollo - "Comparing Growth in Government Debt with Growth in Nominal GDP"
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
US Futures*
S&P 5,196.39-2.81%
DOW 38,840.49 -2.26%
NASDAQ 16,166.69
-3.63%
World Markets*
FTSE 7,986.31
-2.31%
NIKKEI 31,458.42
-12.40%
HANG SENG 16,698.36 -1.46%
*values as of 10:26am EST 8/5/2024
Treasuries*
2 YR3.836%
10YR 3.757%
30 YR 4.068%
Cryptocurrencies*
BTC-USD
53,464.61
-11.64%
ETH.CM
2,377.98
-13.54%
Currencies*
Euro $1.0967
Pound $1.2770
Yen $143.1430
Commodities*
Gold 2,432.90
-1.49%
WTI Crude 72.95
-0.78%
Silver 27.20
-4.19%
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