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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
9/9/2024
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68% of millennials and Gen Z expect to inherit about $320,000. However, 55% of baby boomers planning to leave an inheritance will pass on less than $250,000. Only 1/3 of white families and about 10% of Black families receive any inheritance, and more than half of those inheritances are less than $50,000. 1
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Historically, September is the worst month for the S&P 500, with an average decline of 0.78% since 1945 and gains only 43% of the time. In election years, the average decline in September is 0.51% with gains 47% of the time. *2
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On August 26th, gold hit a record high for the 29th time this year. Since 1976, the only two years that gold has had more record closing highs through August have been 2011 and 1979, with 37 and 32, respectively. *2
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China’s economic growth has slowed to around 5%, down from a peak of 14% in 2007. President Xi is shifting the economy from infrastructure and real estate to manufacturing and exports, which is affecting Western companies due to increased production capacity and deflation. 3
- NBC News - "The Great Wealth Transfer has Started - but Millennials, Gen Z may not Inherit as Much as they Anticipate"
- MFS - "Beyond the News"
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Barrons- "China’s Troubles Are Hitting Home for U.S. Companies"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Wholesale inventories (Jul), Consumer credit (Aug)
Tuesday:
NFIB optimism index (Aug)
Wednesday:
Consumer price index (Aug), CPI year over year, Core CPI (Aug), Core CPI year over year
Thursday:
Initial jobless claims (Sep), Producer price index (Aug), Core PPI (Aug), PPI year over year, Core PPI year over year, Monthly U.S. federal budget (Aug)
Friday:
Import price index (Aug), Import price index minus fuel (Aug), Consumer sentiment (prelim) (Sep)
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US Futures*
S&P 5,457.17 +0.90%
DOW 40,657.97 +0.77%
NASDAQ 16,891.27
+1.19%
World Markets*
FTSE 8,232.60
+0.73%
NIKKEI 36,215.75
-0.48%
HANG SENG 17,196.96 -1.42%
*values as of 9:50am EST 9/9/2024
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Treasuries*
2 YR 3.679%
10YR 3.725%
30 YR 4.031%
Cryptocurrencies*
BTC-USD
55,690.79
+2.44%
ETH.CM
2,318.99
+2.04%
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Currencies*
Euro $1.1047
Pound $1.3094
Yen $142.8050
Commodities*
Gold 2,531.20
+0.26%
WTI Crude 67.81
+0.20%
Silver 28.56
+1.35%
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Upcoming Earnings Calls
Monday - ORCL, RBRK, AVO, CDMO, LMNR
Tuesday - GME, ASO, PLAY, WOOF, INNV
Wednesday - MANU, OXM, HEPS, TEN, SUPV
Thursday- ADBE, LEN, KR, TKC, SIG
Friday - KEP, VZLA, HURC, OCCI, NB
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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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