• In 2024, the top 10 companies made up 68.1% of the S&P 500's performance, similar to 68.4% in 2023. Excluding the magnificent 7 stocks, the S&P 500 would have returned only +9.8% in 2024, emphasizing the dominant influence of these major companies. *1
• Recent data implies snack companies could be hurt by the new diabetic/weight loss drugs. Households with a GLP-1 user cut grocery spending by 6% in six months. The biggest drop was in savory snacks (-11%). 2
• 36% of Americans took on holiday debt, averaging $1,181 (up 14.9% from last year). Of those, 42% regret their spending, but 59% expect to pay it off within four months. 2
• The U.S. spends about three times more on pharmaceutical drugs than other countries. Consequently, the U.S. makes up 25% of the global economy but 70% of pharmaceutical profits, with an average spending of $1,564.10 per person. 3

1. The Irrelevant Investor - "The Compound and Friends: Dark Matter"
2. MFS - "Beyond the News"
3. WSJ- "Trump Says World Is Free-Riding on U.S. Health Spending. He Has a Point."

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Monthly U.S. federal budget (Dec)

Tuesday:

NFIB optimism index (Dec), Producer price index (Dec), Core PPI (Dec), PPI year over year, Core PPI year over year, Kansas City Fed President Jeffrey Schmid speaks, Fed Beige Book, New York Fed President Williams delivers opening remarks

Wednesday:

Consumer price index (Dec), CPI year over year, Core CPI (Dec), Core CPI year over year, Empire State manufacturing survey (Jan), Richmond Fed President Barkin speaks, New York Fed President Williams speaks, Chicago Fed President Goolsbee speaks

Thursday:

Initial jobless claims (Jan), U.S. retail sales (Dec), Retail sales minus autos (Dec), Import price index (Dec), Import price index minus fuel (Dec), Philadelphia Fed manufacturing survey (Jan), Business inventories (Nov), Home builder confidence index (Jan)

Friday:

Housing starts (Dec), Building permits (Dec), Industrial production (Dec), Capacity utilization (Dec)

Upcoming Earnings Calls

Monday - TTAN, KBH, AVAL, AEHR, CTML

Tuesday - APLD, KARO, CVGW, PKE, VOXX

Wednesday - JPM, WFC, BLK, C, SCHW

Thursday- TSM, UNH, BAC, MS, PNC

Friday - TFC, SLB, FAST, WIT, STT

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