• The 10 largest companies in the S&P 500 now make up an astounding 34% of the index. These 10 mega-cap companies have an average price-to-earnings (P/E) ratio of 50x, which is significantly higher than the overall market. 1
• For the first time since 2003, monthly imports from Mexico into the US exceeded imports from China on a 12-month average. Imports from China have accounted for just 14.43% of total imports over the last 12 months compared to 14.84% from Mexico. 2
• 15 years have passed since the Lehman Brothers went bankrupt. From the close on the Friday before Lehman filed for bankruptcy (9/12/08) to the stock market low on 3/9/09, the S&P 500 declined 46%. Despite that, the S&P 500's total return in the 15 years since that Friday is 380.8%. 2
• A United Auto Workers strike has begun amongst General Motors, Ford, and Stellantis, and is expected to further increase Tesla’s market advantage. Tesla pays its non-union workers an average of $45 an hour compared to $66 an hour for the striking union workers (before any salary increases). 3

1. Apollo- "The Daily Spark"
2. Bespoke- "Stat Sheet"
3. WSJ - "Whatever the UAW Strike Outcome, Elon Musk Has Already Won"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Home builder confidence index (Sep)

Tuesday:

Housing starts (Aug), Building permits (Aug)

Wednesday:

Fed interest-rate decision, Fed Chair Powell press conference

Thursday:

Initial jobless claims (Sep), Philadelphia Fed manufacturing survey (Sep), U.S. current account deficit (Q2), U.S. leading economic indicators (Aug), Existing home sales (Aug)

Friday:

Fed Gov. Lisa Cook speaks, S&P flash U.S. services PMI (Sep), S&P flash U.S. manufacturing PMI (Sep), Minneapolis Fed President Neel Kashkari speaks, San Francisco Fed President Mary Daly speaks

Upcoming Earnings Calls

Monday - EBF, GHG, SFIX, ATLX, LATG

Tuesday - AZO, DAVA, APOG, SCS, ISPR

Wednesday - FDX, GIS, FRHC, KBH, NVX

Thursday- DRI, FDS, NEXT, MDRX, SCHL

Friday - TLK, EBR, IPX, QSG, PBFS

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