• Venezuela holds the world’s largest estimated oil reserves—about 17% of global supply—yet production has collapsed since the oil industry was nationalized. Output has fallen from nearly 3.5 million barrels per day in the 1970s (over 7% of global supply) to about 1.1 million barrels per day last year, roughly equivalent to production from the U.S. state of North Dakota. 1

• Most investors assume the primary difference between large-cap and small-cap companies is size, but profitability is also a distinction. Profit margins for the S&P 100 have risen to 15.7%, while S&P 600 small-cap margins remain near 5.9%. *2

• U.S. equities have been resilient despite volatility. Since 2019, the S&P 500 has posted gains in 6 of the past 7 years, including +24.9% (2024), and +19.4% (2025), with 2022 the lone setback at -18.0%. *3

• If history is any guide, 2026 may be less favorable for equities. During midterm election years, the S&P 500 has finished higher only 53% of the time with an average gain of 4.6%, compared with a 78% success rate and roughly 11% average gains in the other years of the presidential cycle. *4

1. Reuters – “Venezuela’s Oil and Mining Sectors: Large Potential, Weak Infrastructure”
2. A Wealth of Common Sense – “Animal Spirits: The Best Performing Stocks of 2025”
3. A Wealth of Common Sense – “The Biggest Risk in 2026”
4. Barron’s – “The Stock Market Won’t Be Worth Celebrating in 2026”

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Minneapolis Fed President Neel Kashkari TV appearance, ISM manufacturing index (Dec), auto sales (Dec)

Tuesday:

Richmond Fed President Tom Barkin speaks, S&P final U.S. services PMI (Dec)

Wednesday:

ADP employment report (Dec), ISM services index (Dec), job openings (Nov)

Thursday:

Initial jobless claims, U.S. trade deficit (Oct), U.S. productivity (Q3), U.S. consumer credit (Nov)

Friday:

U.S. employment report (Dec), unemployment rate (Dec), hourly wages (Dec), housing starts (Oct), University of Michigan consumer sentiment (Jan), Richmond Fed President Tom Barkin speaks

Upcoming Earnings Calls

Monday - BNED, VWAV, BAOS

Tuesday - AIR, PENG, ANGO

Wednesday - STZ, JEF, ACI, APLD, MSM, PSMT

Thursday - RPM, SNX, AYI, CMC, WDFC

Friday - ANIX, HURC, LEXX, LEDS

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