Market Moment

Glen Eagle®: America’s Women-Owned Trading Desk®  

6/12/2023

  • A new bull market was confirmed when the S&P 500 closed 20% above its October 12th low. The bear market lasted 282 days. On average bull markets last three times as long, averaging 1,011 days and yielding a gain of 114%.
  • This recent market growth can be deceiving. The 7 largest stocks in the S&P 500 gained 77% this year, while the average stock in the index dropped 1.2%.
  • The number of publicly held companies is decreasing, there are now three times as many private equity-backed firms in the US as there are publicly held companies.
  • Everyday Americans are enjoying a more cost-effective drive lately. Prices at the pump were down 23% year-over-year. Comparing May 2022 to May 2023, the average price of gas decreased from $4.67 to $3.57 per gallon.


Bespoke Investment Group - "Bull Market Confirmed"

Barrons - "S&P 500 Nears Bull Market"

Apollo Global Management - "US Companies by Backing Type"

MFS - "Beyond the News"



Economic Calendar


Monday:

Federal budget (May)


Tuesday:

NFIB optimism index (May), Consumer price index (May), Core CPI (May), CPI year over year, Core CPI year over year


Wednesday:

Producer price index, Core PPI, PPI year over year, Core PPI year over year, Fed decision on interest-rate policy, Fed Chair Powell press conference


Thursday:

Initial jobless claims (Jun), U.S. retail sales (May), Retail sales minus autos (May), Import price index (May), Import price index minus fuel (May), Empire State manufacturing survey (May), Philadelphia Fed manufacturing survey (May), Industrial production (May), Capacity utilization (May), Business inventories (Apr)


Friday:

Fed Gov. Christopher Waller speaks, Consumer sentiment


 

US Futures*

S&P 4,318.25 +0.31%

DOW 33,957.00 +0.14%

NASDAQ 14,634.50

+0.54%


World Markets*

FTSE 7,577.26

+0.20%

NIKKEI 32,434.00

+0.52%

HANG SENG 19,404.31

+0.07%


*values as of 9:30 AM EST 6/12/2023

 

Treasuries*

2 YR 4.585%

10YR 3.738%

30 YR 3.881%



Cryptocurrencies*

BTC-USD

25,902.00 +0.45%

ETH.CM

1,741.21 -1.30%

^CMC200

586.06 -3.48%




Currencies*

Euro $1.0764

Pound $1.2542

Yen $139.3630



Commodities*

Gold 1,975.10

-0.11%

WTI Crude 67.98

-3.12%

Silver 24.15

-1.09%



Upcoming Earnings Calls


Monday - ORCL, EBR, PAC, SGML, ECX

Tuesday - FRHC, BUR, HCM, NNDM, TSP

Wednesday - LEN, ATEX, DAKT, POWW, MINM

Thursday- ADBE, KR, CCEP, JBL, AEG

Friday - LANV, YS, OP, VIOT, FSEA



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


Glen Eagle Wealth | www.gleneagleadv.com