• Historically, Bull markets are much stronger than Bear markets. Bear markets last about 10 months and lead to a 36% stock market drop. Bull markets, however, typically last around 2.7 years with an average gain of 112%, occurring 78% of the time in the past 91 years. *1
• In Duke University's CFO survey, 40% of CFOs reduced spending due to interest rates, with additional reasons including economic uncertainty (52.2%), weak demand (41.4%), and hiring difficulties (33.0%). 2
• A Federal Reserve study reveals that most Americans outside the wealthiest 20% now have less cash than when the pandemic started. Bank deposits and liquid assets for the bottom 80% were lower in June 2023 compared to March 2020, adjusted for inflation. 3
• The conflict in Israel will likely lead to tighter enforcement of oil sanctions on Iran. Recently the US has turned a blind eye to Iran’s increased oil output which rose by nearly 700,000 barrels daily in 2023. Tightening the sanctions again could now push oil prices beyond $100 per barrel. 4 

1. Advisorpedia - "How To Talk to Clients About Market Volatility"
2. Bespoke Daily- "The Stat Sheet"
3. Bloomberg - "Only Richest 20% of Americans Still Have Excess Pandemic Savings"
4. Bloomberg - "For Oil, It’s Not 1973 Again – But It Could Still Turn Ugly"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Dallas Fed President Logan speaks, Fed Gov. Jefferson speaks

Tuesday:

NFIB optimism index (Sep), Wholesale inventories (Aug)

Wednesday:

Producer price index (Sep), Core PPI (Sep), PPI year over year, Core PPI year over year, Minutes of Fed's September FOMC meeting

Thursday:

Initial jobless claims (Oct), Consumer price index (Sep), Core CPI (Sep), CPI year over year, Core CPI year over year

Friday:

Import price index (Sep), Import price index minus fuel (Sep), Consumer sentiment (preliminary) (Oct)

Upcoming Earnings Calls

Monday - APLD, SAR, NSSC, RMBS, VRNS

Tuesday - PEP, NEG, ETWO, AZZ, VOXX

Wednesday - WIT, WINA, KARO, LOOP, RELL

Thursday- INFY, FAST, DAL, WBA, DPZ

Friday - UNH, JPM, BLK, PGR, C

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