Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
6/13/2022
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- The S&P500 has had three 19% or more drawdowns in the past four years. That is the highest frequency of corrections in such a short timeframe looking all the way back to 1950. Equally concerning is the fact that these corrections are becoming quicker. For example, the S&P500’s earnings multiple recently dropped roughly 40% in just 14 months. This is 3x faster than the comparable valuation drop that occurred over three years during the dot-com crash.
- The Labor Department announced that consumer prices for May 2022 have risen 8.6% from 2021, for their largest gain in 40 years. Airfare prices skyrocketed 37.8%, Fuel climbed 106.7%, and meat prices are up 12.3% year over year.
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Bitcoin and other cryptocurrencies fell to the lowest level in 18 months following Friday’s inflation news. Bitcoin has now fallen more than 60% from its all-time high in November.
- The U.S. Dollar Index, which measures the dollar against six other currencies, surged to above 104.7 on Monday. It’s the dollar’s highest level relative to major peers since 2002.
Bloomberg – "Everything in the Stock Market Is Being Sped Up Including the Crash"
The Irrelevant Investor – "Coming in Hot"
The Wall Street Journal - "Bitcoin Falls to Late-2020 Levels Amid Crypto Selloff"
Barrons- "U.S. Dollar Hits 20-Year High as Investors Dump Stocks. Why That’s Not Good News"
Economic Calendar
Monday: Fed 1-year inflation expectations (May), Fed 3-year inflation expectations (May)
Tuesday: NFIB small-business index (May), Producer price index final demand (May)
Wednesday:
Retail sales (May), Retail sales excluding vehicles (May), Import price index (May), Empire state manufacturing index (Jun), NAHB home builders index (Jun), Business inventories (Apr), Fed Chair Jerome Powell news conference
Thursday: Initial jobless claims (Jun), Continuing jobless claims (Jun), Building permits (SAAR) (May), Housing starts (SAAR) (May), Philadelphia Fed manufacturing index (Jun)
Friday: Industrial production index (May), Capacity utilization (May), Leading economic indicators (May)
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US Futures*
S&P 3,804.25 -2.43%
DOW 30,772 -1.96%
NASDAQ 11,472.25 -3.11%
World Markets*
FTSE 7,192.96
-1.61%
NIKKEI 26,987.44 -3.01%
HANG SENG 21,067.58
-3.39%
*values as of 8:00 AM EST 06/13/2022
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Treasuries*
2 YR 3.206%
10YR 3.156%
30 YR 3.278%
Cryptocurrencies*
BTC-USD
23,787.91 -13.46%
ETH.CM
1,244.60 -16.18%
^CMC200
493.16 -24.43%
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Currencies*
Euro $1.0452
Pound $1.2175
Yen $134.4110
Commodities*
Gold 1,857.70
-0.95%
WTI Crude 118.62 -2.05%
Silver 21.57
-1.65%
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Upcoming Earnings Calls
Monday - AZRE, FLES, BLDE, VIAO, KEWL
Tuesday - MPAA, BYSI, RNW, IDW, CNM
Wednesday - MPX, EM, WLY, LWAY, EDUC
Thursday- YI, XAIR, ADBE, KR, CMC
Friday - ALYA, KEP, CSAN, GATO, DUO
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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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