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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
8/7/2023
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Taiwan produces over 90% of advanced semiconductors and 60% of chips globally. A war there would cost the global economy $2.5 trillion annually, making the recent $52 billion of investments in US chip making reasonable insurance. 1
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The average price of a gallon of gas in the US currently stands at $3.82, an amount that has only been higher on a meager 6% of days since 2005. 2
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The Federal Reserve raised the fed funds rate to 5.25-5.5%, the highest since 2001. Despite this, the average savings account has a yield of just 0.42%, and 68% of middle-income Americans have not moved their money to higher-yielding accounts. 3
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The S&P 500 is up by 17% so far this year. However, history shows September is the worst-performing month, with an average loss of 1.1% dating back to 1928, with the market rising less than 45% of the time during that period.* 4
- Bloomberg Opinion - "Most of the World's Chips are Made in Taiwan. What Happens if there is a War?"
- Bespoke Investment Group- "Gas Prices"
- MFS - "Beyond the News"
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WSJ - "Stocks Have Had a Great Year. Cue the September Effect"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Consumer credit (Jun)
Tuesday:
NFIB optimism index (Jul), Philadelphia Fed President Harker speaks, U.S. trade balance (Jun), Richmond Fed President Barkin speaks, U.S. wholesale inventories (Jun)
Wednesday:
None scheduled
Thursday:
Initial jobless claims (Aug), Consumer price index (Jul), Core CPI (Jul), CPI (year-over-year), Core CPI (year-over-year), Treasury budget (Jul)
Friday:
Producer price index (Jul), Core PPI (Jul), PPI (year-over-year), Core PPI (year-over-year), Consumer sentiment (prelim) (Aug)
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US Futures*
S&P 4,504.89 +0.06%
DOW 35,324.00
+0.74%
NASDAQ 13,948.25
+0.28%
World Markets*
FTSE 7,542.55
-0.29%
NIKKEI 32,253.56
+0.19%
HANG SENG 19,537.92 -0.01%
*values as of 9:40 AM EST 7/3/2023
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Treasuries*
2 YR 4.789%
10YR 4.072%
30 YR 4.235%
Cryptocurrencies*
BTC-USD
29,013.61 +0.08%
ETH.CM
1,828.15 -0.08%
^CMC200
628.22 -0.41%
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Currencies*
Euro $1.1005
Pound $1.2782
Yen $141.9210
Commodities*
Gold 1,976.00
-0.10%
WTI Crude 82.36
-0.46%
Silver 23.66
-0.05%
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Upcoming Earnings Calls
Monday - ITUB, PLTR, OKE, BNTX, CTRA
Tuesday - LLY, UPS, ZTS, DUK, TDG
Wednesday - NVO, DIS, HMC, TTD, MFC
Thursday- BABA, BN, WPM, AEG, BAP
Friday - EBR, WF, SPB, MLTX, AVAL
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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
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