• Since WWII, the S&P 500 has performed best in the fourth quarter (Q4), averaging a 4.2% gain and rising 79% of the time. This is double the performance of the next best quarter, Q1, which averages a 2.1% gain and rises 62% of the time. *1
• China, the world’s largest carbon emitter, is heavily investing in renewables. In July, 50% of vehicles sold in the country were EVs. Additionally, in 2023, China installed 62% of the world’s non-hydro renewables, building more solar in one year than the US has in its history. 2
• Since 1970, the S&P 500 has averaged a 21% rise in the year following the first rate cut in an easing cycle, provided there’s no recession. Yet, eight of the last nine easing cycles saw profits decelerating, but currently, profits are expanding. *3
• In 2023, the US median real household income rose by 4.0%, the first significant annual increase since 2019. The female-to-male earnings ratio, however, dropped to 82.7% from 84.0% in 2022, the first decline since 2003. 1

1. MFS - "Beyond the News"
2. Barrons - "Why China Went From Climate Laggard to Leader of the Energy Transition"
3. Bloomberg- "Traders Need a New Stock Market Playbook for These Rate Cuts"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Atlanta Fed President Raphael Bostic speaks, S&P flash U.S. services PMI (Sep), S&P flash U.S. manufacturing PMI (Sep), Chicago Fed President Austan Goolsbee speaks, Minneapolis Fed President Neel Kashkari speaks

Tuesday:

Federal Reserve Governor Michelle Bowman speaks, S&P Case-Shiller home price index (20 cities) (Jul), Consumer confidence (Sep)

Wednesday:

New home sales (Aug), Federal Reserve Governor Adriana Kugler speaks

Thursday:

Initial jobless claims (Sep), Durable-goods orders (Aug), Durable-goods minus transportation (Aug), GDP (second revision) (Q2), Federal Reserve Governor Adriana Kugler and Boston Fed President Susan Collins speak together, Federal Reserve Governor Michelle Bowman speaks, Federal Reserve Chair Jerome Powell gives opening remarks, New York Fed President John Williams speaks, Pending home sales (Aug), Federal Reserve Vice Chair for Supervision Michael Barr speaks, Federal Reserve Governor Lisa Cook speaks, Minneapolis Fed President Neel Kashkari speaks with Fed Vice Char for Supervision Michael Barr

Friday:

Personal income (Aug), Personal spending (Aug), PCE index (Aug), PCE (year-over-year), Core PCE index (Aug), Core PCE (year-over-year), Advanced U.S. trade balance in goods (Aug), Advanced wholesale inventories (Aug), Advanced retail inventories (Aug), Consumer sentiment (final) (Sep), Federal Reserve Governor Michelle Bowman speaks

Upcoming Earnings Calls

Monday - AIR, EBF, IPX, UXIN, RCAT

Tuesday - AZO, KBH, THO, PRGS, WOR

Wednesday - MU, CTAS, JEF, FUL, CNXC

Thursday- COST, ACN, JBL, KMX, SNX

Friday - SLI, NEOV, NTWK, AFB, BLLYF

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