Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
7/5/2022
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The S&P 500 dropped 20.6% during the first six months of 2022, marking its worst first half of the year since 1970. The Dow Jones 15.3% first-half decline was its worst since 1962, while plunges of 29.5% by the Nasdaq and 23.9% by the Russell 2000 produced each index’s worst first half on record.
- 71% of global investors surveyed in June expect a 2023 recession in the U.S., up from just 29% in February. Another 17% expect a recession to begin in 2022, up from just a couple of percent a few months ago.
- Some analysts worry that the Atlantic hurricane season which officially runs from June 1 - November 30th could lead to further increases in gas prices since 47% of US petroleum refining activity is located along the Gulf Coast.
- The personal saving rate, a measure of how much money people have left over after spending and taxes, was at a record high of 34% in April 2020, now with inflation Americans are dipping into savings with the rate currently at 5.4% far below the average of the last decade.
Barrons – "Stocks Had a Nasty 6 Months. The Second Half Could Be Ugly Too."
Barrons – "That Dip in Gas Prices? Don't Expect it to Last"
WSJ – "Americans Tap Pandemic Savings to Cope With Inflation"
Economic Calendar
Monday: None Scheduled
Tuesday: Factory orders (May), Core capital equipment orders revision (May)
Wednesday:
S&P Global U.S. services PMI (Jun), ISM services index (Jun), Job openings (May),Quits (May)
Thursday: Initial jobless claims (Jul), Continuing jobless claims (Jun)Foreign trade balance (May)
Friday: Nonfarm payrolls (Jun), Unemployment rate (Jun), Average hourly earnings (Jun), Labor force participation rate, ages 25-54 (Jun), Wholesale inventories revision (May), Consumer credit (May)
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US Futures*
S&P 3,783 -1.16%
DOW 30,726 -1.08%
NASDAQ 11,450.50 -1.38%
World Markets*
FTSE 7,091.65
-1.95%
NIKKEI 26,423.47 +1.03%
HANG SENG 21,853.07
+0.10%
*values as of 8:00 AM EST 07/05/2022
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Treasuries*
2 YR 2.824%
10YR 2.840%
30 YR 3.078%
Cryptocurrencies*
BTC-USD
19,492.61 -1.35%
ETH.CM
1,102.92 -1.56%
^CMC200
423.20 +0.73%
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Currencies*
Euro $1.0290
Pound $1.1970
Yen $135.8270
Commodities*
Gold 1,803
+0.08%
WTI Crude 108.72 +0.27%
Silver 19.76
+0.47%
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Upcoming Earnings Calls
Monday - CO, STAF, WTER, ASGN, CVUA
Tuesday - LEGH, HNI, DUO, TMQ, TC
Wednesday - SAR, SLP, PSMT, EDUC, CHSCP
Thursday- PKE, WDFC, LEVI, HELE, KRUS
Friday - AIU, GHG, QTT, QH, BLCT
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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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