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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
1/30/2024
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China became a global leader in the electric vehicle (EV) market, producing more EVs than the rest of the world combined. Chinese-owned company BYD now controls 35% of the market by volume with Tesla which controls 8%, at a distant second. 1
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The new spot bitcoin ETFs attracted approximately $1.9 billion in their first three days of trading following SEC approval. For comparison, this exceeded the nearly $800 billion that flowed into the SPDR Gold ETF (GLD) at its launch in 2004. 2
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Before the pandemic, there were over 41,000 gyms in the US. Today there are only around 31,000. Despite challenges from weight loss drugs such as Ozempic, surviving gym companies like Planet Fitness have continued to grow their revenue. 3
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The stock market’s reaction to the Federal Reserve’s interest rate cuts has been mixed over time. After rate cuts in 1989, 1995, and 1998 the S&P 500 grew an average of 20% over the following year. Yet, interest rate cuts after 2000 led to an average decline of 5%. 4*
- Barrons - "China Has a New Crackdown Target: EVs"
- MFS - "Beyond the News"
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WSJ - "These Gyms Survived the Pandemic. They’re Still Sweating."
- Barrons - "How Rate Cuts Affect the Stock Market Depends on This One Thing"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
None scheduled
Tuesday:
S&P Case-Shiller home price index (20 cities) (Nov), Job openings (Dec), Consumer confidence (Jan)
Wednesday:
ADP employment (Jan), Employment cost index (Q4), Chicago Business Barometer (PMI) (Jan), Fed interest-rate decision manufacturing (Jan)
Thursday:
Initial jobless claims (Jan), U.S. productivity (Q4), S&P U.S. manufacturing PMI (final) (Jan), ISM manufacturing (Jan)
Friday:
U.S. nonfarm payrolls (Jan), U.S. unemployment rate (Jan), U.S. hourly wages (Jan), Hourly wages year over year, Factory orders (Dec), Consumer sentiment (final) (Jan)
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US Futures*
S&P 4,943.25 -0.22%
DOW 38,400.00 -0.23%
NASDAQ 17,659.25
-0.26%
World Markets*
FTSE 7,669.61
+0.48%
NIKKEI 36,065.86
+0.11%
HANG SENG 15,703.45 -2.32%
*values as of 9:30AM EST 1/30/2024
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Treasuries*
2 YR 4.304%
10YR 4.049%
30 YR 4.281%
Cryptocurrencies*
BTC-USD
43,379.64 +3.48%
ETH.CM
2,311.39 +0.55%
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Currencies*
Euro $1.0854
Pound $1.2682
Yen $147.2520
Commodities*
Gold 2,055.50
+0.53%
WTI Crude 76.10
-0.88%
Silver 23.395
+0.61%
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Upcoming Earnings Calls
Monday - RYAAY, SMFG, NUE, SMCI, ARE
Tuesday - MSFT, GOOGL, AMD, DHR, PFE
Wednesday - NVO, MA, NVS, TMO, QCOM
Thursday- AAPL, AMZN, META, MRK, SHEL
Friday - XOM, ABBV, CVX, REGN, BMY
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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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