With less than 100 days left in 2023, the market is entering a historically strong period. Since 1945, the S&P 500 has averaged a 4.1% gain during the last 100 days of the year, with positive returns 77% of the time. *1
Nearly half of US adults are now open to signing prenups, an 8% increase from the previous year. This is particularly true among younger generations. 41% of Gen Z and 47% of millennials who are engaged or have been married reported that they had entered a prenup. 2
Mortgage rates reached their highest point in almost 23 years, with the average 30-year fixed mortgage rate hitting 7.31% this week. This is the highest rate since December 2000. 3
Fewer than 30 stocks in the S&P 500 now offer a higher dividend yield than the 6-month Treasury bill. This is a shift compared to 2021 before interest rates began to rise, when 379 index constituents had higher yields than the Treasury bill. 4
MFS - "Beyond the News"
CDC/NCHS National Vital Statistics System- "Marriage Rates Rebound From 2020 Slump, Following Decades of Decline"
Barrons - "No Relief in Sight: Mortgage Rates Hit Highest Level Since 2000"
WSJ - "A New Interest-Rate Regime Has Begun. These Are the Market’s Winners and Losers."
*Past performance is not indicative of future performance
Economic Calendar
Monday:
S&P final U.S. manufacturing PMI (Sep), ISM manufacturing (Sep), Construction spending (Aug)
Tuesday:
Job openings (Aug)
Wednesday:
ADP employment (Sep), S&P final U.S. services PMI (Sep), Factory orders (Aug), ISM services (Sep)
Thursday:
Initial jobless claims (Sep), U.S. trade deficit (Aug)
Friday:
U.S. employment report (Sep), U.S. unemployment rate (Sep), U.S. hourly wages (Sep), Hourly wages year over year, Consumer credit (Aug)
US Futures*
S&P 4,312.25 -0.31%
DOW 33,636.00
-0.26%
NASDAQ 14,838.50
-0.18%
World Markets*
FTSE 7,562.98
-0.59%
NIKKEI 31,759.88
-0.31%
HANG SENG 17,809.66 +2.51%
*values as of 11:10 AM EST 10/2/2023
Treasuries*
2 YR5.110%
10YR 4.633%
30 YR 4.739%
Cryptocurrencies*
BTC-USD
28,379.03+4.46%
ETH.CM
1,726.59 +2.99%
^CMC200
607.57+0.67%
Currencies*
Euro $1.0524
Pound $1.2143
Yen $149.8070
Commodities*
Gold 1,851.90
-0.76%
WTI Crude 91.08
-0.76%
Silver 21.69
-3.36%
Upcoming Earnings Calls
Monday - ATLX, LATG, VERY, OMEX, INTG
Tuesday - MKC, CALM, NG, VLGEA, EVI
Wednesday - RPM, GDEV, AYI, FRHC, HELE
Thursday- STZ, LW, CAG, LEVI, MDRX
Friday - TLK, EBR, RENB, BRID, SEEL
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
