• Due to energy-efficient technology, the US generated slightly less electricity in 2021 than in 2007. As a result, the Utilities sector only grew by an average of 6.6% annually (vs. 15.7% for the S&P 500). However, AI is helping to reinvigorate the Utilities sector, with energy demand now expected to grow 15% annually over the next decade. 1*
• Warren Buffett’s company, Berkshire Hathaway, now has over $189 billion in cash. To put this into perspective, this cash pile alone would make Berkshire the world's 58th-largest economy, just behind Hungary. 2
• Nationwide, the cost of childcare for two kids exceeds average rent by at least 25% and is more than double that level in eight states. Childcare costs are a growing burden, accounting for about 10% of a married couple's income. 3
• Privately owned companies are crucial to the US economy. 87% of firms with over $100 million in revenue are private, and these firms account for nearly 80% of job openings. Meanwhile, employment in S&P 500 companies comprises only 18% of jobs. 4

1. WSJ -"Why Utilities Are Lighting Up the Stock Market"
2. Advisorpedia – “Is Buffet's Cash Hoard a Market Warning? "
3. AdvisorHub– “Child Care Is More Expensive Than Rent for the Average American Family"
4. Apollo - "Public Markets are a Small Part of the Overall Economy"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Fed Vice Chair for Supervision Michael Barr speaks, Fed Gov Christopher Waller gives welcoming remarks, Fed Vice Chair Philip Jefferson speaks

Tuesday:

Fed Gov. Christopher Waller speaks, New York Fed President John Williams opening remarks, Fed Vice Chair for Supervision Michael Barr speaks, Cleveland Fed President Loretta Mester, Atlanta Fed President Raphael Bostic and Boston Fed President Susan Collins speak together on panel

Wednesday:

Existing home sales (Apr), Minutes of Fed's May FOMC meeting

Thursday:

Initial jobless claims (May), S&P flash U.S. services PMI (May), S&P flash U.S. manufacturing PMI (May), New home sales (Apr), Atlanta Fed President Raphael Bostic speaks

Friday:

Durable-goods orders (Apr), Durable-goods minus transportation (Apr), Fed Gov Christopher Waller speaks, Consumer sentiment (final) (May)

Upcoming Earnings Calls

Monday - PANW, MFG, TCOM, KEYS, LI

Tuesday - LOW, AZO, JHX, TOL, YMM

Wednesday - NVDA, PDD, TJX, ADI, TGT

Thursday- INTU, MDT, TD, WDAY, NTES

Friday - CCEP, BAH, BKE, HIBB, MLAB

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