• Through July 12th the average return for all stocks in the S&P 500 was 10%. Yet there is a large discrepancy when comparing large and small stocks. The 50 largest stocks had a return of 22%, compared to just 4% for the 50 smallest stocks. 1
• Used car prices in the US had the largest decline since April 2020, dropping 4.2% in June. Yearly, prices have decreased by 10.3%. 1
• Russia's decision to quit the Ukraine grain deal, which allowed Ukraine to export grain normally, has raised concerns in the markets. Despite this, Chicago-traded wheat futures, where pre-war Ukraine accounted for 10% of world exports, have increased by 6%. ₂
• Nearly 70% of Israeli startups plan to relocate parts of their business outside of Israel given the recent political uncertainty. Israel's tech sector accounts for 15% of economic output, 10% of jobs, more than 50% of exports, and 25% of tax income. 3

1. MFS - "Beyond the News"
2. Barrons - "Russia Ends Ukraine Grain Deal. What It Means for Prices—and Putin."
3. Reuters - "Israeli startups act to relocate over judicial shakeup, survey finds"

*Past performance is not indicative of future performance



Economic Calendar

Monday:

S&P "flash" U.S. manufacturing PMI (Jul), S&P "flash" U.S. services PMI (Jul)

Tuesday:

S&P Case-Shiller home price index (20 cities) (May), Consumer confidence (Jul)

Wednesday:

New home sales (Jun), FOMC decision on interest-rate policy, Fed Chairman Powell press conference

Thursday:

Initial jobless claims (Jul), Durable-goods orders (Jun), Durable-goods minus transportation (Jun), GDP (advanced report) (Q2), Advanced U.S. trade balance in goods (Jun), Advanced retail inventories (Jun), Advanced wholesale inventories (Jun), Pending home sales (Jun)

Friday:

Personal income (nominal) (Jun), Personal spending (nominal) (Jun), PCE index (Jun), Core PCE index (Jun), PCE (year-over-year), Core PCE (year-over-year), Employment cost index (Q2), Consumer sentiment (final) (Jul)

Upcoming Earnings Calls

Monday - PKG, CDNS, NXPI, RYAAY, ARE

Tuesday - MSFT, GOOGL, V, DHR, TXN

Wednesday - META, KO, NOW, TMO, UNP

Thursday- MA, ABBV, MCD, SHEL, LIN

Friday - XOM, PG, CVX, AZN, SNY

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