Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
6/21/2022
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- The S&P 500 has fallen 23% in 2022, marking its worst start to a year since 1932. The index declined 5.8% last week, its biggest decline since the pandemic-fueled selloff of March 2020.
- Since 1950, the S&P 500 has sold off 15% or more on 17 occasions. On 11 of those 17 occasions, the stock market managed to bottom out only around the time the Fed shifted toward loosening monetary policy again.
- The number of IPOs have rapidly declined in 2022 with just 47 companies going public. This represents a 74% plunge from the 180 companies that went public during the same period in 2021.
- The method of allocating 60% to equities and 40% to fixed income has not performed well this year and has plunged about 14% so far this quarter alone. This has been a surprise to many investors since the 60/40 strategy only ending down in two of the past 15 years.
WSJ – "Stocks Historically Don’t Bottom Out Until the Fed Eases"
Barrons – "Failure to Launch: IPOs ARE on Hold Until Markets Stabilize"
Bloomberg – "Wall Street Alarms Bells as 60/40 Set for Worse Quarter Than 2008"
Economic Calendar
Monday: None Scheduled
Tuesday: Chicago Fed national activity index (May), Existing home sales (SAAR) (May)
Wednesday:
Fed Chair Jerome Powell testifies on monetary policy at Senate Banking Committee, Chicago Fed President Charles Evans speaks
Thursday: Initial jobless claims (Jun), Continuing jobless claims (Jun), Current account deficit (Q1), S&P Global U.S. manufacturing PMI (Jun), S&P Global U.S. services PMI (Jun)
Friday: St. Louis Fed President James Bullard speaks, UMich consumer sentiment index (Jun), 5-year inflation expectations (Jun), New home sales (SAAR) (May)
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US Futures*
S&P 3,732.50 +1.54%
DOW 30,287 +1.40%
NASDAQ 11,469.50 +1.53%
World Markets*
FTSE 7,162.73
+0.57%
NIKKEI 26,246.31 +1.84%
HANG SENG 21,559.59
+1.87%
*values as of 8:00 AM EST 06/21/2022
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Treasuries*
2 YR 3.188%
10YR 3.267%
30 YR 3.343%
Cryptocurrencies*
BTC-USD
20,982.93 +1.65%
ETH.CM
1,144.82 +3.68%
^CMC200
450.55 +4.07%
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Currencies*
Euro $1.0557
Pound $1.2274
Yen $135.9880
Commodities*
Gold 1,837.20
-0.18%
WTI Crude 111.68 +1.94%
Silver 21.66
+0.34%
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Upcoming Earnings Calls
Monday - TSTAF, VIAO, LMPX, FTLF, BMMJ
Tuesday - TY, PGR, LEN, COMS, BIEL
Wednesday - AEMD, FUL, ELLO, FPF, KFY
Thursday- RAD, ACN, BB, FDX, CAMP
Friday - AKMX, CCL, AIU, MOHO, HUIZ
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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 EagleWealth, LLC
4422C Route 27
PO Box 399
Kingston, NJ 08528
(609) 631-8231
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