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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
7/31/2023
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If you had invested $10,000 in the S&P 500 for 29 years through 2022, your account would have grown to $64,844. But if you had been sitting on the sidelines for the index’s 10 best days during that period, your account would have only grown to $29,708.* 1
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Federal debt has skyrocketed from $370 billion in 1970 to $31 trillion in 2023. Federal interest expenses are projected to surpass $1.15 trillion over the next year. The interest expense has increased more in the last 3 years than in the 50 years prior. 2
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First-time homebuyers in the US face challenges with mortgage rates near 7%, as the average entry-level home costs $243,000. To afford such a home, buyers must now earn $64,500 annually, up from $57,222 a year ago. 3
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India, which has more than 17% of the world’s population but just 2% of its land, has a workforce with a median age of just 28. Yet, a poor education system is holding back its potential. Half of fifth graders read at a second-grade level (the same as 25 years ago). 4
- Market Watch - "Why You Shouldn’t Try to Time the Stock Market"
- Advisorpedia - "The Government Can’t Afford Higher for Longer, Much Longer"
- Bloomberg - "It’s Getting Even Harder to Afford a ‘Starter’ Home in the US
- Barrons - "India’s Economy Is Humming, and There’s More to Come. Here’s How to Profit"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Chicago Business Barometer (Jul), Fed senior loan survey (Q2)
Tuesday:
S&P final U.S. manufacturing PMI (Jul), Job openings (Jun), ISM manufacturing (Jul), Construction spending (Jun)
Wednesday:
ADP employment (Jul)
Thursday:
Initial jobless claims (Jul), U.S. productivity (prelim) (Q2), S&P final U.S. services PMI (Jul), ISM services (Jul), Factory orders (Jun)
Friday:
U.S. nonfarm payrolls (Jul), U.S. unemployment rate (Jul), U.S. hourly wages (Jul), Hourly wages year over year
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US Futures*
S&P 4,586.05 +0.08%
DOW 35,497.17
+0.11%
NASDAQ 14,324.20
+0.05%
World Markets*
FTSE 7,717.54
+0.30%
NIKKEI 33,172,22
+1.26%
HANG SENG 20,078.94 +0.82%
*values as of 10:15 AM EST 7/31/2023
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Treasuries*
2 YR 4.879%
10YR 3.951%
30 YR 4.009%
Cryptocurrencies*
BTC-USD
29,340.84 +0.14%
ETH.CM
1,864.32 -0.43%
^CMC200
638.35 -0.32%
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Currencies*
Euro $1.1041
Pound $1.2854
Yen $142.2510
Commodities*
Gold 2,009.70
+0.49%
WTI Crude 81.36
+0.97%
Silver 24.92
+1.71%
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Upcoming Earnings Calls
Monday - ANET, RSG, ON, WELL, AVB
Tuesday - MRK, PFE, AMD, CAT, BP
Wednesday - NVO, QCOM, CVS, SHOP, PYPL
Thursday- AAPL, AMZN, BABA, TM, COP
Friday - BRK.B, SONY, ENB, D, LYB
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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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