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
MFS- "Beyond the News"
WSJ - "The Share of Million-Dollar Homes in America Just Hit an All-Time High"
Fidelity - "Fidelity Investments® Releases 2024 Retiree Health Care Cost Estimate as Americans Seek Clarity Around Medicare Selection"
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)
US Futures*
S&P 5,585.25+0.12%
DOW 40,825.00 +0.07%
NASDAQ 19,626.00
+0.10%
World Markets*
FTSE 8,327.75
+0.32%
NIKKEI 37,388.62
-1.77%
HANG SENG 17,569.57 +0.80%
*values as of 9:40am EST 8/19/2024
Treasuries*
2 YR4.068%
10YR 3.892%
30 YR 4.145%
Cryptocurrencies*
BTC-USD
58,927.05
-1.96%
ETH.CM
2,589.63
-2.88%
Currencies*
Euro $1.1036
Pound $1.2947
Yen $146.4030
Commodities*
Gold 2,528.20
-0.37%
WTI Crude 76.54
-0.14%
Silver 29.05
+0.80%
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