• Taylor Swift's net worth recently surpassed $1 billion thanks to the profits from her highly successful Eras tour. According to Bloomberg her 53 concerts this year added $4.3 billion to the country’s gross domestic product (GDP)! 1
• The S&P 500 index dropped 10.3% from its recent high in July 2023. In the past 15 corrections for the S&P 500, it took an average of three months for its performance to recover, while the index gained an average of 10.1% a year later. *2
• Healthcare costs in the US continue to grow at a rapid pace. Employer-sponsored health plans for 2023 are 7% more expensive than last year, with average annual premiums reaching $8,500 for singles and $24,000 for families. 3
• As mortgage rates hit 8%, US existing home sales fell below four million in September. This marks a 15.4% year-over-year decline and the 16th consecutive month of double-digit decreases, nearing the 20-month record from 2008. 4

1. Bloomberg - "TAYLOR SWIFT VAULTS INTO BILLIONAIRE RANKS WITH BLOCKBUSTER ERAS TOUR"
2. Market Watch- "S&P 500 index enters a correction. Here’s what it means for future performance."
3. Money Mag - "Employee Health Insurance Costs Are Up 7%"
4. MFS - "Beyond the News"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

None scheduled

Tuesday:

Employment cost index (Q3), S&P Case-Shiller home price index (20 cities) (Aug), Chicago Business Barometer (PMI) (Oct), Consumer confidence (Oct)

Wednesday:

ADP employment (Oct), S&P U.S. manufacturing PMI (Oct), Job openings (Sep), ISM manufacturing (Oct), Construction spending (Sep), Federal Reserve decision on interest rates, Fed Chairman Powell press conference

Thursday:

Initial jobless claims (Oct), U.S. productivity (Q3), U.S. unit-labor costs (Q3), Factory orders (Sep)

Friday:

U.S. nonfarm payrolls (Oct), U.S. unemployment rate (Oct), U.S. hourly wages (Oct), Hourly wages year over year, S&P U.S. services PMI (Oct), ISM services (Oct)

Upcoming Earnings Calls

Monday - MCD, ANET, WELL, PSA, ON

Tuesday - PFE, AMD, CAT, BP, BUD

Wednesday - QCOM, MDLZ, CVS, ABNB, GSK

Thursday- AAPL, LLY, SHEL, NVO, COP

Friday - BRK.B, ENB, SRE, D, IT

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