• The number of public companies in the United States declined by over 40%, from 8,000 in 1996 to 4,642 in 2022. The main culprits were mergers and acquisitions; Alphabet and Microsoft acquired more than 500 companies alone. 1
• In 2023, a survey found that 78% of Americans live paycheck-to-paycheck, up six percentage points from the previous year. Another survey discovered that 29% of Americans don't earn enough to cover basic living costs. 1
• The ratio of job openings to unemployed workers, which reached a level of two-to-one in 2022, has fallen to 1.3, as reported in the monthly Job Openings and Labor Turnover Survey (JOLTS). This level aligns more closely with pre-pandemic norms. 1
• The Dow index weighs stocks by share prices, not market value like other indexes. This means that UnitedHealth and Goldman Sachs, the 15th and 63rd largest companies in the country, have more influence on the Dow index than Microsoft, Apple, and Amazon combined. 2

1. MFS – “Beyond the News"
2. WSJ – “The Dow Is a Terrible Index. But It Is Telling Us Something Important."

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Fed Vice Chair Philip Jefferson and Cleveland Fed President Loretta Mester together on panel

Tuesday:

Producer price index (Apr), PPI year over year, Core PPI (Apr), Core PPI year over year, Fed Gov Lisa Cook speaks, Fed Chair Jerome Powell speaks

Wednesday:

Consumer price index (Apr), CPI year over year, Core CPI April, Core CPI year over year, U.S. retail sales (Apr), Retail sales minus autos (Apr), Empire State manufacturing survey (May), Home builder confidence index (May), Business inventories (Mar), Minneapolis Fed President Neel Kashkari speaks, Fed Gov. Michelle Bowman speaks

Thursday:

Initial jobless claims (May), Philadelphia Fed manufacturing survey (May), Housing starts (Apr), Building permits (Apr), Import price index (Apr), Import price index minus fuel (Apr), Industrial production (Apr), Capacity utilization (Apr), New York Fed President Williams speaks, Fed Vice Chair for Supervision Michael Barr testifies, Cleveland Fed President Loretta Mester speaks, Atlanta Fed President Raphael Bostic speaks

Friday:

U.S. leading economic indicators (Apr), Fed Governor Christopher Waller speaks

Upcoming Earnings Calls

Monday - PBR, TME, LEGN, AIRC, STNE

Tuesday - HD, BABA, SONY, ALC, SE

Wednesday - TM, CSCO, ZTO, DT, GRAB

Thursday- WMT, AMAT, DE, CPRT, JD

Friday - HTHT, RBC, ALVO, RLX, CAN

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