• Small and mid-size businesses are becoming more critical to our economic growth. Nearly 80% of job openings are now from businesses with fewer than 250 employees—a share that has steadily grown over the past five years. 1

• The number of U.S. billionaires grew from 1,370 in 2021 to 1,990 in 2024—a 45% increase. The top 0.1% of households now hold 13.8% of U.S. wealth, up from 8.5% in 1990. 2

• After an impressive rally last week, the S&P 500 has now jumped 14% from its April low. A further 8% gain would be needed to achieve a new market high above the previous high set back in February. *3

• On May 4th, the Department of Education restarted involuntary collections on defaulted student loans. Of 42.7 million borrowers with $1.6 trillion in student debt, only 38% are current on payments. 4

1. Apollo - "Small Businesses are More and More Important"
2. The Irrelevant Investor- "Animal Spirits: The Most Confusing Rally of All Time"
3. Barrons - "The S&P 500 Has Erased ‘Liberation Day’ Losses. A Record High May Be Next."
4. MFS- "Beyond the News"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

S&P final U.S. services PMI (Apr), ISM services (Apr)

Tuesday:

U.S. trade deficit (Mar)

Wednesday:

FOMC meeting, Fed Chair Powell press conference, Consumer credit (Mar)

Thursday:

Initial jobless claims (May), U.S. productivity (Q1), Wholesale inventories (Mar)



Friday:

Fed Governor Michael Barr speech, New York Fed President John Williams speech, Fed Governor Adriana Kugler speech, Richmond Fed President Tom Barkin speech, Chicago Fed President Austan Goolsbee speech, Fed Governor Christopher Waller and New York Fed President John Williams on panel, Fed Governor Lisa Cook speech, Fed Governor Bowman, St. Louis Fed President Alberto Musalem and Fed Cleveland Fed President Beth Hammack on panel

Upcoming Earnings Calls

Monday - PLTR, VRTX, WMB, CRH, O

Tuesday - AMD, ANET, RACE, DUK, BAM

Wednesday - NVO, UBER, DIS, ARM, MELI

Thursday- SHOP, BUD, COP, MCK, BN

Friday - ENB, HMC, CCEP, UI, PAA

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