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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
6/3/2024
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Since 2020, India has become a standout among emerging country markets. Its weight in the MSCI Emerging Markets Stock Index has doubled from 9% to 18%, while China's has decreased from 43% to 25%. *1
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Over the past 50 years, the S&P 500 has averaged a 1.8% gain (median: 3.27%) from Memorial Day to Labor Day, with gains occurring 70% of the time. In the last ten years, however, the average gain increased to 3.8% (median: 4.6%). *2
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More than half of Gen Z and Millennial investors rely on social media for investment information. However, a study by the Swiss Finance Institute found that 56% of 'fin-fluencers' underperform their peers by 2.3% monthly, indicating "negative skill." 2
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American Cities have not fully recovered from the pandemic, which is weighing on the office and retail sectors. Cellphone activity data shows that downtown San Francisco is at 57% of pre-pandemic levels, while Las Vegas is at 97%, and Miami is at 82% of 2019 levels. 3
- Capital Group - "Economic Outlook: U.S. Powers Global Growth"
- MFS - "Beyond the News"
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Apollo Chief Economist – “Four Years After Covid: Downtown Recovery Remains Weak"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
S&P flash U.S. manufacturing PMI (May), Construction spending (Apr), ISM manufacturing (May), Auto sales (May)
Tuesday:
Factory orders (Apr), Job openings (Apr)
Wednesday:
ADP employment (May), ISM services (May), U.S. productivity (final revision) , U.S. trade deficit (Apr), S&P flash U.S. services PMI (May)
Thursday:
Initial jobless claims (Jun)
Friday:
Consumer credit (May), Wholesale inventories (Apr), U.S. employment report (May), U.S. unemployment rate (May), U.S. hourly wages (May), Hourly wages year over year
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US Futures*
S&P 5,308.50 +0.25%
DOW 38,783.00 -0.53%
NASDAQ 17,016.35
-0.02%
World Markets*
FTSE 8,299.32
+0.29%
NIKKEI 38,923.03
+1.13%
HANG SENG 18,403.04 +1.79%
*values as of 9:30am EST 6/3/2024
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Treasuries*
2 YR 4.953%
10YR 4.465%
30 YR 4.606%
Cryptocurrencies*
BTC-USD
69,606.09
+2.59%
ETH.CM
3,840.02
+1.78%
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Currencies*
Euro $1.0851
Pound $1.2736
Yen $156.7040
Commodities*
Gold 2,3575.40
+0.40%
WTI Crude 76.55
-0.57%
Silver 30.72
+0.90%
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Upcoming Earnings Calls
Monday - GTLB, SAIC, HQY, CSAN, KEN
Tuesday - CRWD, FERG, WDS, HPE, BBWI
Wednesday - LULU, DLTR, BF.B, CPB, FIVE
Thursday- ADSK, IOT, SJM, DOCU, NIO
Friday - CCEP, QIWI, GHM, CMCM, HURC
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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
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