Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
10/14/2024
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The S&P 500 is now 50 times larger than it was in 1982. Yet, the market composition has changed substantially since then. For example, at the end of 1980, energy stocks dominated the market, with seven of the top 10 stocks coming from the oil and gas sector. 1
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40.3% of U.S. adults are now classified as being obese, up from about 30% in 2000 but down from a peak of 41.9% in 2020. This is the first time since 2011 that America's obesity rate has declined, and snack food companies share prices are being impacted by the fear that Americans may be eating less. 2
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October is historically better for the stock market than September, but it is also the most volatile month. Since 1945, October has had the largest average peak-to-trough decline (-4.6%) and the most 5%+ drawdowns for the S&P 500. *3
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The wars in Ukraine and Israel have had little impact on the oil market. Russia and Iran, which produce over 10% of the world’s oil, have maintained or increased production. In fact, oil prices are still down about 10% since Hamas attacked Israel a year ago. 4
- Barrons - "S&P 500 Tops $50 Trillion. It’s Now Worth 50 Times Its Value When the Bull Market Began in 1982."
- Barrons - "Snack Slump Hits Big Food. Blame Prices, Not Obesity Meds."
- MFS - "Beyond the News"
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Barrons- "Oil’s ‘War Premium’ Is Back. Can Prices Top $100?"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Columbus Day holiday. Bond market closed, Federal Reserve Governor Christopher Waller speaks
Tuesday:
Empire State manufacturing survey (Oct), Fed Governor Adriana Kugler speaks
Wednesday:
Import price index (Sep), Import price index minus fuel (Sep)
Thursday:
Initial jobless claims (Oct), U.S. retail sales (Sep), Retail sales minus autos (Sep), Philadelphia Fed manufacturing index (Sep), Industrial production (Sep), Capacity utilization (Sep), Business inventories (Aug), Home builder confidence index (Oct)
Friday:
Housing starts (Sep), Building permits (Sep), Federal Reserve Governor Christopher Waller speaks
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US Markets*
S&P 5,878.00 +0.31%
DOW 43,102.00 -0.09%
NASDAQ 20,564.25
-0.48%
World Markets*
FTSE 8,255.44
+0.01%
NIKKEI 39,605.80
+0.57%
HANG SENG 21,092.87 -0.75%
*values as of 9:50am EST 10/14/2024
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Treasuries*
2 YR 3.953%
10YR 4.096%
30 YR 4.406%
Cryptocurrencies*
BTC-USD
63,004.89
+1.16%
ETH.CM
2,566.59
+4.57%
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Currencies*
Euro $1.0924
Pound $1.3055
Yen $149.7320
Commodities*
Gold 2,667.20
-0.34%
WTI Crude 74.11
-1.91%
Silver 31.33
-1.34%
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Upcoming Earnings Calls
Monday - KARO, ALPP, FLES, INLB, AMLI
Tuesday - UNH, JNJ, BAC, GS, C
Wednesday - ASML, ABT, PLD, USB, CSX
Thursday- TSM, NFLX, MS, ISRG, ELV
Friday - PG, AXP, SLB, FITB, RF
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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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