Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
10/21/2024
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To be in the top 1% of US earners today, you need an average annual income of $788,000. Washington, DC, has the highest threshold at $1.21 million, while West Virginia has the lowest at $420,000. 1
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Last Saturday, the S&P 500 marked the 2nd anniversary of the bull market's start. Through 10/9/24, the S&P 500 has gained 62% during this bull market. Since 1928, the 11 bull markets that lasted at least two years had a median S&P 500 gain of 126% over five years. *1
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On October 10th, the tech sector’s share of the S&P 500 reached 32%. Its average share since 1990 is just under 18%, but it has averaged 27.5% over the last five years. The financial sector is the second largest sector in the index at 13%. 1
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Holiday spending in 2024 is expected to grow by 2.5% to 3.5% from last year, reaching between $979.5 billion and $989 billion. This is up from $955.6 billion in 2023. Holiday sales growth has not fallen below 3.5% since 2018, when it rose by only 1.8% in 2017. 2
- MFS - "Beyond the News"
- Barrons - "Forecasting Holiday Shopping, 2024: Good, Not Great"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Dallas Fed President Lorie Logan speaks, U.S. leading economic indicators (Sep), Kansas City Fed President Jeff Schmid speaks, San Francisco Fed President Mary Daly speaks
Tuesday:
Philadelphia Fed President Patrick Harker speaks
Wednesday:
Fed Governor Michelle Bowman speaks, Existing home sales (Sep), Fed Beige Book
Thursday:
Initial jobless claims (Oct), Cleveland Fed President Beth Hammack opening remarks, S&P flash U.S. services PMI (Oct), S&P flash U.S. manufacturing PMI (Oct), New home sales (Sep)
Friday:
Durable-goods orders (Sep), Durable-goods minus transportation (Sep), Consumer sentiment (final) (Oct)
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US Markets*
S&P 5,849.39 -0.09%
DOW 43,190.54 -0.20%
NASDAQ 18,490.82
+0.01%
World Markets*
FTSE 8,357.45
-0.01%
NIKKEI 38,954.60
-0.07%
HANG SENG 20,478.46 -1.57%
*values as of 9:50am EST 10/21/2024
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Treasuries*
2 YR 3.981%
10YR 4.134%
30 YR 4.447%
Cryptocurrencies*
BTC-USD
67,442.98
-1.38%
ETH.CM
2,672.59
-0.88%
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Currencies*
Euro $1.0851
Pound $1.3028
Yen $149.9820
Commodities*
Gold 2,753.00
+0.84%
WTI Crude 70.58
+1.96%
Silver 34.41
+3.53%
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Upcoming Earnings Calls
Monday - SAP, HDB, NUE, WRB, ARE
Tuesday - GE, DHR, PM, VZ, TXN
Wednesday - TSLA, KO, TMUS, TMO, IBM
Thursday- AMZN, SPGI, UNP, HON, UPS
Friday - SNY, HCA, CL, AON, E
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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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