• 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

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

*Past performance is not indicative of future performance

Economic Calendar

Monday:

None scheduled

Tuesday:

New home sales (Aug), S&P Case-Shiller home price index (20 cities) (Jul), Consumer confidence (Sep), Fed Gov. Bowman speaks

Wednesday:

Durable-goods orders (Aug),Durable-goods minus transportation (Aug)

Thursday:

Initial jobless claims (Sep),GDP (revision) (Q2), Fed Gov. Cook speaks, Fed Chairman Powell speaks

Friday:

Personal income (Aug), Personal spending (Aug), PCE index (Aug), Core PCE index (Aug), PCE (year-over-year), Core PCE (year-over-year), Advanced U.S. trade balance in goods (Aug), Advanced retail inventories (Aug), Advanced wholesale inventories (Aug), Chicago Business Barometer (Sep), Consumer sentiment (final) (Sep)

Upcoming Earnings Calls

Monday - THO, PUYI, ATLX, LATG, AIXI

Tuesday - COST, CTAS, FERG, SNX, NEOG

Wednesday - MU, PAYX, JEF, FRHC, GDEV

Thursday- ACN, NKE, JBL, KMX, MTN

Friday - TLK, CCL, CUK, EBR, UEC

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