Market Moment

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

2/27/2023

  • The rise in interest rates has less of an impact on household expenses today than it did in the past. Before the 2008 financial crisis 40% of mortgages were adjustable rate. Now only 10% of mortgages are adjustable, so most homeowners have fixed rates.
  • Emerging markets have had a negative return over the last 5 years. Yet, this bodes well for the future. Since 1994, emerging markets have never lost money in any 5-year period following a negative 5-year period and have had an average return of 17.2%.
  • The US Strategic Petroleum Reserves (SPR), an emergency stockpile of crude oil that the government keeps, has hit its lowest point since 1983. The reserve has dropped from 656 million barrels in July of 2022 all the way down to just 346 million in February.
  • The pace of innovation seems to be increasing exponentially. To reach 1 million users it took Netflix 3.5 years, Facebook 10 months, and Spotify 5 months. The new artificial intelligence chatbot (ChatGPT), however, reached 1 million users within 5 days!


Bloomberg - "‘What Everyone Got Wrong About the Economy - and the Ominous Implications for the Fed"

Morningstar- "Time to Consider Emerging Markets?"

Datatistic- "Strategic Petroleum Reserves Now Lowest Since August 1983"

Capital Ideas - "3 Views on the Future of Growth Investing"



Economic Calendar


Monday:

Durable goods orders (Jan), Core orders (Jan), Pending home sales (Jan), Fed Gov. Jefferson speaks


Tuesday:

Advanced U.S. trade balance in goods (Jan), Advanced retail inventories (Jan), Advanced wholesale inventories (Jan), S&P Cash Shiller home price index (20 cities) (Jan), Chicago Business Barometer (Feb), Consumer Confidence (Feb), Chicago Fed President Goolsbee speaks


Wednesday:

Minneapolis Fed President Kashkari speaks, ISM manufacturing (Feb), Construction spending (Jan), Auto sales (Feb)



Thursday:

Initial jobless claims (Feb), Productivity (revision) (Q4), Fed Gov. Waller speaks, Minneapolis Fed President Kashkari speaks


Friday:

ISM services (Feb), Dallas Fed President Logan speaks, Fed Gov. Michelle Bowman speaks


 

US Futures*

S&P 4,009 +0.84%

DOW 33,060 +0.71%

NASDAQ 12,126.75

+1.08%


World Markets*

FTSE 7,940.24

+0.78%

NIKKEI 27,423.96

-0.11%

HANG SENG 19,943.51

-0.33%


*values as of 9:30 AM EST 2/27/2023

 

Treasuries*

2 YR 4.789%

10YR 3.922%

30 YR 3.932%



Cryptocurrencies*

BTC-USD

23,714.12 +1.91%

ETH.CM

1,661.83 +1.29%

^CMC200

539.68 -0.44%




Currencies*

Euro $1.0586

Pound $1.2019

Yen $136.0840



Commodities*

Gold 1,822.20

+0.28%

WTI Crude 76.13

-0.25%

Silver 20.77

-0.79%



Upcoming Earnings Calls


Monday - OXY, WDAY, OKE, HEI, LI

Tuesday - TGT, BMO, BNS, MNST, SRE

Wednesday - CRM, RY, LOW, DLTR, VEEV

Thursday- AVGO, COST, TD, BUD, CNQ

Friday - PSNY, CSAN, PLL, NWLI, HIBB



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

Glen Eagle Wealth | www.gleneagleadv.com