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Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
9/12/2023
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Warren Buffett turned 93 recently. His company, Berkshire Hathaway, has achieved an average annual return of 20.1% since 1965 (compared to just 10.5% for the S&P 500). In fact, the Berkshire shares could drop 99% and still be outperforming the S&P 500 over that period of time. 1
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Hurricane Idalia, which hit the US at the end of August, was the 19th major hurricane since 1990. Historically, however, hurricanes have had little impact on the stock market. In the week following each of the previous 18 major hurricanes, the S&P 500 saw a median gain of 1.22%. 1
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Instacart is planning to go public with a valuation of around $8.6 billion to $9.3 billion, significantly lower than its $39 billion valuation in 2021. This decline in value reflects reduced investor interest in high-growth startups due to rising interest rates. 2
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Big tech companies have consistently outperformed the rest of the S&P 500 since 2015, with an average annual revenue growth of 12.5%. Big technology companies also had profit margins of 22% compared to just 12% for all non-big-tech companies in the S&P 500. 3
- MFS - "Beyond the News"
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WSJ - "Instacart to Target Much-Diminished Valuation Range of Under $10 Billion in IPO"
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The Irrelevant Investor - "bubbles and BUBBLES"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
None scheduled
Tuesday:
None scheduled
Wednesday:
Consumer price index (Aug), Core CPI (Aug), CPI (year-over-year), Core CPI (year-over-year)
Thursday:
Initial jobless claims (Sep), Producer price index (Aug), Core PPI (Aug), PPI (year-over-year), U.S. retail sales (Aug), Retail sales minus autos (Aug), Business inventories (Jul)
Friday:
U.S. import prices (Aug), Empire State manufacturing survey (Sep), Industrial production (Aug), Capacity utilization (Aug), Consumer sentiment (prelim) (Aug)
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US Futures*
S&P 4,470.97 -0.37%
DOW 34,718.59
+0.16%
NASDAQ 13,807.09
-0.80%
World Markets*
FTSE 7,527.53
+0.41%
NIKKEI 32,776.37
+0.97%
HANG SENG 18,025.89 -0.39%
*values as of 2:45 PM EST 9/12/2023
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Treasuries*
2 YR 5.007%
10YR 4.272%
30 YR 4.354%
Cryptocurrencies*
BTC-USD
25,746.90 -0.52%
ETH.CM
1,591.90 +3.08%
^CMC200
556.88 +0.35%
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Currencies*
Euro $1.0732
Pound $1.2487
Yen $147.0970
Commodities*
Gold 1,935.70
-0.59%
WTI Crude 88.82
+1.75%
Silver 23.39
+0.03%
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Upcoming Earnings Calls
Monday - ORCL, CASY, BOWL, BIOX, AVO
Tuesday - INNV, ISPR, EVI, TSP, CGNT
Wednesday - FRHC, BUR, CBRL, SMTC, NVX
Thursday- ADBE, CPRT, LEN, NEXT, MDRX
Friday - TLK, EBR, IPX, QSG, PBFS
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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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