Empty Offices -- Investor Insights from Glen Eagle

Empty Offices

September 25, 2023

Enjoy this week's "Investor Insights," a weekly newsletter highlighting the financial news you need and providing tips and tricks to help you make better investment decisions.

In 2023, the 7 largest S&P 500 stocks have surged over 50%, while the other 493 stocks have remained mostly flat. Buying the S&P 500 today means investing heavily in these top companies, comprising 34% of the index. ₁

As of June, 24% of office space in 18 major Chinese cities sat vacant. This is a worse situation than in the U.S., where office vacancy rates reached a 30-year high of 18.2% in June. ₂

Small-cap and industrial stocks in the U.S. are declining, often a sign of an impending recession. The S&P 500 Industrials Index has dropped around 8% since its peak, and the Russell 2000 Index has fallen over 11% from its July 31st high. ₃

U.S. spending on medications is up 16% since 2016. New obesity medications have helped to drive the total U.S. prescription expenditures up from 520 billion in 2016 to 603 billion in 2021. ₄

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Apollo - "S&P493 is Basically Flat This Year"
WSJ - "Thought the U.S. Office Market Was Bad? Try China"
Barrons - "Stocks Flash Recession Warning as Trouble Spreads to Industrials"
Barrons - "How Ozempic and Wegovy Could Break the Healthcare System"

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Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.

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