Market Moment

Glen Eagle®: America’s Women-Owned Trading Desk®  

12/18/2023

  • The Magnificent Seven stocks (Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta, and Tesla) have swelled to represent about 30% of the S&P 500's market value. Together they now represent more market value than the UK, China, France, and Japan stock markets combined. 1
  • Mortgage rates fell below 7% for the first time since August, as the U.S. economy is showing signs of cooling off. The 30-year fixed-rate mortgage fell for the seventh week in a row and averaged 6.95% as of Dec. 14. 2
  • In a recent survey, 45% of investors said the 2024 Presidential Election will have a bigger impact on their retirement plans than the stock market’s returns. Additionally, 32% believe the U.S. economy could enter a recession within a year if their preferred political party does not win. 3
  • The U.S. unemployment rate has remained below 4% for a record 22 consecutive months, marking the longest stretch since the late-1960s. Notably, the unemployment rate did not fall below 4% during the entire 1970s, 80s, or 90s. 4


  1. WSJ- "It's the Magnificent Seven's Market. The Other Stocks Are Just Living in It."
  2. Marketwatch - "Mortgage Rates Fall Below 7% for the First Time Since August"
  3. MFS- "Beyond the News"
  4. The Irrelevant Investor- "Animal Spirits: Dunking on Doomers"

*Past performance is not indicative of future performance


Economic Calendar

 

Monday:

Home builder confidence index (Dec)


Tuesday:

Housing starts (Nov), Building permits (Nov)

 

Wednesday:

U.S. current account (Q3), Existing home sales (Nov)

 

Thursday:

Initial jobless claims (Dec), GDP (revision) (Q3), Philadelphia Fed manufacturing survey (Dec), U.S. leading economic indicators (Nov)


Friday:

Durable-goods orders (Nov), Durable-goods minus transportation (Nov), Personal income (Nov), Personal spending (Nov), PCE index (Nov), Core PCE index (Nov), PCE (year-over-year), Core PCE (year-over-year), New home sales (Nov), Consumer sentiment (final) (Dec)

 

US Futures*

S&P 4,732.90 +0.29%

DOW 37,353.97 +0.13%

NASDAQ 14,843.54

+0.20%


World Markets*

FTSE 7,609.35

+0.44%

NIKKEI 32,758.98

-0.64%

HANG SENG 16,629.23 -0.97%


*values as of 9:30 AM EST 12/18/2023

 

Treasuries*

2 YR 4.457%

10YR 3.950%

30 YR 4.060%


 

Cryptocurrencies*

BTC-USD

41,198.71 -1.28%

ETH.CM

2,149.22 -4.11%

^CMC200

845.08 -2.95%





Currencies*

Euro $1.0919

Pound $1.2649

Yen $143.0840


 

Commodities*

Gold 2,037.30

+0.07%

WTI Crude 73.85

+3.38%

Silver 24.08

-0.30%


Upcoming Earnings Calls

 

Monday - HEI, EBF, LANV, MRDB, LATG

Tuesday - BHP, ACN, FDX, FDS, CD

Wednesday - MU, GIS, TTC, BB, WGO

Thursday- MKE, CTAS, PAYX, CCL, AEG

Friday - ONMD, SIF, NUZE, BETRF, CLWT



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


Glen Eagle Wealth | www.gleneagleadv.com