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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
9/5/2023
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Stocks have far outperformed bonds since the start of the COVID pandemic in March 2020, with the S&P 500 gaining 80% while the US Aggregate Bond Index fell by -11% over the past 41 months. This marks a 90% gap, the largest since March 2000. 1
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A July survey of 2,000 employers revealed that almost half of them reduced pay for recent job openings. Additionally, 35% of newly hired workers reported taking a pay cut at their new jobs. 1
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Used car prices have surged by 30% to an average of $27,000 since the pandemic began. It now takes 42 months on average to pay off a new car, and the percentage of "severely delinquent" auto loans has risen to 5.37%, the highest level since 2006. 1
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Emerging market economies (ex: China, India, Mexico, Taiwan, South Korea, Vietnam), which are home to over 4.3 billion people and account for around half of global GDP, are expected to grow by 4.1% in 2024 compared to just 1.4% in advanced economies. 2
- MFS - "Beyond the News"
- WSJ - "Is Now the Time to Invest in Emerging Markets?"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Labor Day holiday
Tuesday:
Factory orders (Jul)
Wednesday:
U.S. trade deficit (Jul), S&P final U.S. services PMI (Aug), ISM services (Aug), Fed Beige Book
Thursday:
Initial jobless claims (Sep), U.S. productivity (revision) (Q2), Unit-labor costs (revision) (Q2), Philadelphia Fed President Patrick Harker speaks, Chicago Fed President Austan Goolsbee speaks, New York Fed President John Williams speaks, Atlanta Fed President Raphael Bostic speaks, Dallas Fed President Lorie Logan speaks
Friday:
Wholesale inventories (Jul), San Francisco Fed President Mary Daly speaks, Consumer credit (Jul)
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US Futures*
S&P 4,502.33 -0.30%
DOW 34,758.30
-0.23%
NASDAQ 13,983.12
-0.35%
World Markets*
FTSE 7,467.71
+0.20%
NIKKEI 33,036.76
+0.30%
HANG SENG 18,456.91 -2.06%
*values as of 10:15 AM EST 9/5/2023
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Treasuries*
2 YR 4.924%
10YR 4.244%
30 YR 4.362%
Cryptocurrencies*
BTC-USD
25,746.90 -0.52%
ETH.CM
1,629.21 -0.03%
^CMC200
557.04 +0.26%
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Currencies*
Euro $1.0722
Pound $1.2561
Yen $147.4980
Commodities*
Gold 1,952.30
-0.75%
WTI Crude 87.18
+1.90%
Silver 24.09
-1.90%
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Upcoming Earnings Calls
Monday - Labor Day holiday
Tuesday - ZS, GTLB, HQY, ASND, ASAN
Wednesday - CPRT, PATH, CNM, DSGX, GME
Thursday- TTC, DOCU, RH, GWRE, SAIC
Friday - SATX, KR, TLK, EBR, IPX
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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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