Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
05/03/2021
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More like Guesstimates: Over half of all S&P500 companies have reported earnings, and around 87% of them have beaten analysts’ estimates. This is the highest percentage of companies that have come in above estimates since 1994, when this data was first collected by Refinitiv. Earnings are now expected to have grown by 46% year-over-year…far outpacing the original forecasts of 24% from early April.
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BlackRock Throwing Around Its Weight: BlackRock, which thanks to its plethora of investment funds is one of the top three shareholders in 80% of S&P500 companies, has been more actively supporting shareholder-led environmental social and governance (ESG) proposals. Looking at the 170 ESG shareholder proposals it voted on so far this proxy year, it supported 91% of environmental proposals, 23% of social proposals and 26% of corporate governance proposals. This is in stark contrast to what some believe was their historical tendency to defer to company management on votes. It also signals that public companies that do not conform to ESG values may face headwinds going forward.
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Are We Still Talking About Inflation? Although many people have focused on price increases in specific areas such as lumber and, more recently, labor costs, some analysts still believe that inflation is being under-appreciated. Government often excludes home, food, and energy prices from the reported inflation data. These are now notable exclusions as the CRB Foodstuff index is up 15% year-to-date and existing home prices rose by around 17% year-over- year
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Do Taxes Mean ETFs Make Cents? If President Biden is able to increase the capital gains tax rate on the richest Americans by more than 2x it may accelerate the amount of funds moving out of mutual funds and into ETFs. According to researchers at Villanova and Lehigh Universities ETFS have a 0.92% lower tax burden on average compared to mutual funds. Additionally, the study showed that high net-worth investors reported that taxes, rather than performance or fees, where the primary consideration when moving money from mutual funds into ETFs.
Economic Calendar
Monday: Markit manufacturing PMI (Apr), ISM manufacturing index (Apr), Construction spending (Mar), Motor vehicle sales (Apr)
Tuesday: Trade deficit (Mar), Factory orders (Mar)
Wednesday: ADP employment (Apr), Markit services PMI (Apr), ISM services index (Apr)
Thursday: Productivity (Q1), Unit labor costs (Q1)
Friday: Non-farm payrolls (Apr), Unemployment rate (Apr), Average hourly earnings (Apr), Wholesale inventories (Mar), Consumer credit (Mar)
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US Futures
S&P 4184.5 +0.24%
DOW 33,882 +0.34%
NASDAQ 13,850.75 +0.01%
World Markets
FTSE 6969.81 +0.12%
NIKKEI 28,812.62 -0.83%
Hang Seng 28,357.54
-1.28%
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Treasuries
3 Mo 0.01%
10YR 1.63%
30 YR 2.30%
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Currencies
Euro $1.205
Pound $1.385
Yen $109.495
Commodities
Gold 1777.6 +0.56%
WTI Crude 63.32 -0.41%
Silver 26.20
+1.26%
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Upcoming Earnings Calls
Monday - EL, FANG, CHGG, ZI, CAR
Tuesday - UAA, CVS, MPC, D, WMG, PFE, COP, APO, TMUS, XLNX, SPCE, MTCH, LYFT, MCFE, AKAM, COUR, ZG, ATVI, DVN, CZR
Wednesday - HILT, NYT, GM, SBGI, QRVO, BKNG, GDDY, MRO, UBER, WW, RKT, PYPL, TWLO, ETSY
Thursday - WYNN, SEAS, MRNA, REGN, VIAC, W, TPR, NCLH, K, SQ, DBX, SHAK, GPRO, DDOG, TRIP, EXPE, NET, LYV, IHRT, BYND, PTON, ROKU, PLNT, AMC
Friday - CI, PLUG, DKNG, CNK, NKLA
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Consider working with Glen Eagle as one of your preferred partner trading desks
Client Focused Trading for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years
Ansie Monaghan
Carol Ann Fernandez
Glen Eagle
4422C Route 27
PO Box 399
Kingston, NJ 08528
(609) 631-8231
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