• Japan's Nikkei stock market ended last week only 8% from its 1989 record high. Back then, the Japanese Imperial Palace grounds were worth more than all the land in Florida, and Nippon Telegraph and Telephone was the world's largest company. Then the stock market crashed by 60%... 1*
• In 2023, US union membership increased slightly to 14.4 million, constituting 10% of the employed labor force, a decline from 20.1% in 1983. Hawaii and New York have the highest union membership rates at 20%, while the Carolinas have the lowest rate at less than 3%. 2
• On 1/24/24, the technology sector's S&P 500 weighting surpassed 30% for the first time since 2000, while the utilities sector reached a multi-decade low of 2.17% on the same day. The utilities sector was last at this level in late March 2000 during the peak of the dot-com bubble. 2
• $8.9 trillion of government debt is set to mature in 2024. Additionally, the budget deficit is projected to be $1.4 trillion, and the Fed is reducing its balance sheet by $60 billion monthly. This means someone will need to buy over 1/3 of the government’s outstanding debt this year. 3

1. WSJ - "Stocks for the Looong Run: Could Japan’s Lost Decades Happen in America?"
2. MFS - "Beyond the News"
3. Apollo - "$10trn in US Treasuries Coming to the Market in 2024"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

S&P final U.S. services PMI (Jan), Chicago Fed President Austan Goolsbee TV appearance, ISM services (Jan), Atlanta Fed President Raphael Bostic gives welcoming remarks

Tuesday:

Cleveland Fed President Loretta Mester speaks, Minneapolis Fed President Neel Kashkari speaks, Boston Fed President Susan Collins speaks, Philadelphia Fed President Patrick Harker speaks

Wednesday:

U.S. trade deficit (Dec), Fed Gov. Adriana Kugler speaks, Boston Fed President Susan Collins speaks, Richmond Fed President Tom Barkin speaks, Fed Gov. Michelle Bowman speaks, Consumer credit (Jan), CBO briefing on budget and economic outlook

Thursday:

Initial jobless claims (Feb), Wholesale inventories (Dec), Richmond Fed President Tom Barkin speaks

Friday:

CPI seasonal factor revisions, Dallas Fed President Lorie Logan speaks

Upcoming Earnings Calls

Monday - MCD, CAT, APD, EL, SPG

Tuesday - LLY, TM, LIN, UBS, BP

Wednesday - BABA, DIS, UBER, CVS, ARM

Thursday- PM, SPGI, COP, AZN, DUK

Friday - PEP, ENB, OWL, FTS, MGA

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