• Ten years ago, Apple, Microsoft, Alphabet, and Amazon, the four largest publicly traded US companies, had a combined market cap of $1.3 trillion. Today, all four have market caps exceeding $1.3 trillion, and their share in the S&P 500 has surged from 7.7% to 22.2%. 1
• According to a Deloitte survey, people plan to spend an average of $1,652 this holiday season, compared to $1,455 last year, indicating a potential increase in spending. 2
• Since 1950, the S&P 500 has risen 70% of the time from Thanksgiving to New Year's Eve, averaging a 1.7% gain. This year the market was up 8.1% in the month before Thanksgiving, its best performance since 1999. *3
• There is a rapidly growing number of Americans who own their homes outright. The percentage of mortgage-free homes in the US increased by 5 points from 2012 to 2022, reaching almost 40%, with over half owned by retirees. 4

1. MFS- "Beyond the News"
2. WSJ - "American Shoppers Have Plenty of Dry Powder"
3. Barrons - "The Stock Market Had a Wonderful Thanksgiving. Now It’s Time to Celebrate Christmas."
4. Bloomberg - "The Share of Americans Who Are Mortgage-Free Is at an All-Time High"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

New home sales (Oct)

Tuesday:

S&P Case-Shiller home price index (20 cities) (Sep), Consumer confidence (Nov), Fed Gov. Christopher Waller speaks, Chicago Fed President Austan Goolsbee speaks, Fed Governor Michelle Bowman speaks, Fed Governor Michael Barr speaks, Fed Governor Michael Barr speaks

Wednesday:

GDP (first revision) (Q3), Advanced U.S. trade balance in goods (Oct), Cleveland Fed President Loretta Mester speaks, Fed Beige Book

Thursday:

Initial jobless claims (Nov), Personal income (nominal) (Oct), Personal spending (nominal) (Oct), PCE index (Oct), Core PCE index (Oct), PCE (year-over-year), Core PCE (year-over-year), New York Fed President John Williams speaks, Chicago Business Barometer (PMI) (Nov), Pending home sales (Oct)

Friday:

Fed Governor Michael Barr speaks, ISM manufacturing (Nov), Construction spending (Oct), Chicago Fed President Austan Goolsbee speaks, Fed Chair Jerome Powell speaks, Fed Chair Jerome Powell and Fed Governor Lisa Cook talk to local leaders in Atlanta, Auto sales (Nov)

Upcoming Earnings Calls

Monday - ZS, KEP, KT, SID, TIGR

Tuesday - BHP, INTU, PDD, WDAY, BNS

Wednesday - CRM, SNPS, SNOW, DLTR, HRL

Thursday- RY, TD, DELL, MRVL, CM

Friday - GCO, ONMD, NTRB, ANEB, AIRT

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