• U.S. households are expected to spend 1.7% less on back-to-school shopping in 2024, with spending dropping to $875 from just over $890 in 2023. Despite this slight decline, back-to-school spending has risen nearly 81% since 2004. 1
• Homes valued at $1 million or more now make up 8.5% of all U.S. homes, a record high. This more than doubles the 4% before the pandemic. The increase reflects the surge in home prices nationwide, with the median home sale price reaching a record $442,525 in June. 2
• A 65-year-old retiring this year is expected to spend an average of $165K on healthcare and medical expenses throughout retirement. This amount, which excludes over-the-counter medications and long-term care, has more than doubled since 2002. 3
• Since the end of the 2008 financial crisis, the U.S. has built about 17 million homes. This is 20% fewer than in the 14 years prior, despite a 9% growth in the U.S. population since 2009. This underdevelopment has left the country short by about five million homes. 4

1. MFS- "Beyond the News"
2. WSJ - "The Share of Million-Dollar Homes in America Just Hit an All-Time High"
3. Fidelity - "Fidelity Investments® Releases 2024 Retiree Health Care Cost Estimate as Americans Seek Clarity Around Medicare Selection"
4. Barrons - "Why D.R. Horton Is the Home Builder Stock to Buy Now"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Fed Governor Christopher Waller welcoming remarks, U.S. leading economic indicators (Jul)

Tuesday:

Atlanta Fed President Raphael Bostic speech, Fed Vice Chair for Supervision Michael Barr speech

Wednesday:

Minutes of Fed's July FOMC meeting

Thursday:

Initial jobless claims (Aug), S&P flash U.S. services PMI (Aug), S&P flash U.S. manufacturing PMI (Aug), Existing home sales (Jul)

Friday:

Fed Chair Jerome Powell speech at Jackson Hole retreat, New home sales (Jul)

Upcoming Earnings Calls

Monday - EL, SHG, FN, KT, ZIM

Tuesday - LOW, MDT, ALC, KB, KEYS

Wednesday - TJX, ADI, SNPS, TGT, SNOW

Thursday- INTU, TD, WDAY, NTES, ROST

Friday - HAFN, SY, COE, YJ, BMRA

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