• The S&P 500 has now surged over 20% in just two months—only for the sixth time in 70 years. After each of the last five occurrences, the index increased by an average of 31% over the following year. *1

• The U.S. now produces over 20% of the world’s oil—double that of Saudi Arabia or Russia (around 10% each). Driven by fracking, output has jumped from 7.4 million barrels per day 20 years ago to a record 20.8 million in March. 2

• In 2024, 61.4% of Google’s revenue came from internet search. If AI cuts that in half over the next three years, Google’s other businesses—like Waymo and YouTube—would need to grow revenue by 79.5% just to offset the loss. 3



• In 2024, just 20.9% of the S&P 500 was comprised of traditionally defensive stock sectors, such as Healthcare, Utilities, Energy, and Consumer Staples—down from nearly 50% during the 2008–2009 crisis. That’s the lowest level in 35 years. 4

1. MFS- "Beyond the News"
2. Bloomberg - "US Enjoys a Rare Moment of Oil Supremacy in Iran"
3. Barrons - "Can Google Survive Without Search?
4. The Irrelevant Investor - "The Compound and Friends: Why Defensive Stocks Have Disappeared"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

S&P flash U.S. services PMI (Jun), S&P flash U.S. manufacturing PMI (Jun), Existing home sales (May)



Tuesday:

S&P Case-Shiller home price index (20 cities) (Apr), Cleveland Fed President Beth Hammack speaks, Consumer confidence (Jun), Fed Chair Powell testifies to House Financial Service Committee

Wednesday:

New home sales (May)

Thursday:

Advanced U.S. trade balance in goods (May), Advanced retail inventories (May), Advanced wholesale inventories (May), Initial jobless claims (Jun), Durable-goods orders (May), Core durable-goods orders (May), GDP (second revision) (Q1), Cleveland Fed President Beth Hammack speaks, Pending home sales (May)

Friday:

Consumer sentiment (final) (Jun), Personal income (May), Personal spending (May), PCE index (May), PCE (year-over-year), Core PCE index (May), Core PCE (year-over-year)

Upcoming Earnings Calls

Monday - WDS, FDS, CMC, KBH, LU

Tuesday - FDX, CCL, CUK, SNX, CIG

Wednesday - MU, PAYX, HLN, GIS, JEF

Thursday- NKE, FER, MKC, KEP, WBA

Friday - CCEP, KT, SBSW, APOG, GENC

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