• In 2008 the energy sector made up 15% of the S&P500, but today it is closer to 3%. Despite this negligible percentage, many investors are reassessing their exposure to the sector given its recent performance. Energy is up 54% year-to-date, which is 16% higher than the second best performing sector. This marks third largest gap between the two top performing sectors since 2000.
• The five largest US technology firms will be reporting earnings this week. Alphabet, Facebook, and Apple are all expected to report revenue growth of over 30% for the third quarter, but even those impressive numbers may not be enough to boost their stock prices. So far 85% of tech companies have beaten profit estimates, but the stock prices these tech firms fell an average of 2.4% the next day as investors continue to worry about high valuations.
• A survey conducted earlier this year by investment firm NYDIG showed that more than 20% of all advisory clients own Bitcoin, but only 3.5% of these individuals currently hold it with their advisor. Even more interestingly, 73% of these clients stated that they would move their crypto to an advisor if it were possible.
• Partially due to rising real estate and stock markets baby boomers continue to retire at a much faster pace than before the pandemic. In fact, 3 million more retirements occurred than predicted since the pandemic began. Additionally, only 32% of Americans now expect to continue working after age 67 and only slightly more than 50% plan to work after 62 according to a New York Fed Survey. This marks a reversal of the previous trend of Americans working for longer.