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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
7/29/2024
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A University of Michigan survey shows that a record 30% of Americans own stocks worth over $500,000, and 37% own homes worth more than $500,000. These gains occurred despite rising interest rates, which boosted consumer spending significantly. 1
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Credit card delinquencies hit a 12-year high, with 2.6% of balances 60 days past due at the end of the first quarter of this year, up from 1.1% in 2021. Balances 30 and 90 days past due also rose to their highest levels since 2012. 2
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Historically, the three months following July 14th are the weakest for the S&P 500, with a median decline of 2.5% over the past 25 years and positive returns only half the time. *3
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Last year, Google and Microsoft each used 24 TWh of electricity, surpassing the annual energy consumption of 100 countries, including Jordan, Iceland, Ghana, and the Dominican Republic. This is unlikely to decrease as they continue investing in AI. 3
- Apollo - "Academy"
- Bloomberg - "Big Stock Selloff"
- MFS- "Beyond the News"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
None scheduled
Tuesday:
S&P Case-Shiller home price index (20 cities) (May), Consumer confidence (Jul), Job openings (Jun)
Wednesday:
ADP employment (Jul), Employment cost index (Q2), Chicago Business Barometer (PMI) (Jul), Pending home sales, FOMC interest-rate decision, Fed Chair Powell press conference
Thursday:
Initial jobless claims (Jul), U.S. productivity (Q2), S&P U.S. manufacturing PMI (Jul), ISM manufacturing (Jul), Construction spending (Jun)
Friday:
U.S. employment report (Jul), U.S. unemployment rate (Jul), U.S. hourly wages (Jul), Hourly wages year over year, Factory orders (Jun)
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US Futures*
S&P 5,518.00 +0.34%
DOW 40,944.00 +0.27%
NASDAQ 19,294.25
+0.62%
World Markets*
FTSE 8,326.55
+0.51%
NIKKEI 38,468.63
+2.13%
HANG SENG 17,238.34 +1.28%
*values as of 9:45am EST 7/29/2024
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Treasuries*
2 YR 4.389%
10YR 4.173%
30 YR 4.422%
Cryptocurrencies*
BTC-USD
68,740.93
+1.28%
ETH.CM
3,321.55
+1.53%
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Currencies*
Euro $1.0811
Pound $1.2833
Yen $154.1250
Commodities*
Gold 2,391.20
+0.42%
WTI Crude 76.95
-0.27%
Silver 28.085
+0.23%
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Upcoming Earnings Calls
Monday - MCD, SMFG, WELL, ON, EQR
Tuesday - MSFT, PG, MRK, AMD, PFE
Wednesday - META, MA, TMUS, QCOM, ARM
Thursday- AAPL, AMZN, TM, SHEL, INTC
Friday - BRK.A, BRK.B, XOM, CVX, LIN
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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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