Market Moment

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

10/17/2022

  • Market corrections tend to correlate with lower inflation over time. Between 1957 and last year, the S&P 500 had 15 corrections of 19% or more. In 10 of the cases, inflation was lower 12 months later, declining an average of 2.3%.
  • Social Security benefits will increase 8.7% in 2023, the biggest cost-of-living increase since 1981. 70 million Americans, or about 25% of the US population, are Social Security beneficiaries.
  • Europe is preparing for a world without Russian energy. It has filled storage sites to more than 90% of capacity. Russian gas arriving via pipeline accounts for just 6% of the continent’s gas supply, down from almost 30% before the war.
  • In the first half of 2022 the Dow had a loss of 15%, ranking in the top 10% of the worst six-month stretches ever going back to 1896. After almost every 6-month span with a similar loss, the Dow was higher 3 years later by an average of 23%.



Bloomberg- "Torched Stocks Are About the Only Thing Working in Fed's Favor"

Bloomberg- "Social Security Bump Is Rare Good News for Retirees Battling Inflation"

WSJ- "Winter's Approach Raises Stakes in European Energy Crisis"

Barrons "It's Time for Bargain Hunting, Say U.S. Money Managers"



Economic Calendar


Monday:

 Empire State manufacturing index (Oct)

Tuesday:

Industrial production index (Sep), Capacity utilization rate (Sep), NAHB home builders' index (Oct), Atlanta Fed President Raphael Bostic speaks, Minneapolis Fed President Neel Kashkari speaks

Wednesday:

Building permits (SAAR) (Sep), Housing starts (SAAR) (Sep), Fed President Neel Kashkari speaks, Chicago Fed President Charles Evans speaks

Thursday:

Initial jobless claims (Oct), Continuing jobless claims (Oct), Philadelphia Fed manufacturing index (Oct), Existing home sales (SAAR) (Sep), Leading economic indicators (Sep), Fed Gov. Lisa Cook speaks

Friday:

Index of common inflation expectations, 5-10 years (Q3), Index of common inflation expectations, 10 year (Q3)



 

US Futures*

S&P 3,641 +1.21%

DOW 30,001 +0.99%

NASDAQ 10,906.25 +1.51%


World Markets*

FTSE 6,913.36

+0.80%

NIKKEI 26,775.79 -1.16%

HANG SENG 16,612.90

+0.15%


*values as of 9:00 AM EST 10/17/2022

 

Treasuries*

2 YR 4.422%

10YR 3.922%

30 YR 3.933%



Cryptocurrencies*

BTC-USD

19,527.91 +2.05%

ETH.CM

1,319.99 +1.76%

^CMC200

443.20 -1.11%




Currencies*

Euro $0.9776

Pound $1.1343

Yen $148.6570



Commodities*

Gold 1,672.50

+1.43%

WTI Crude 86.24 +0.74%

Silver 18.80

+4.01%



Upcoming Earnings Calls


Monday - AWF, NIC, LEO, BFC, ASRV

Tuesday - USAP, LOAN, AMTB. UNB, SAL

Wednesday - ADX, PEO, BANF, EBTC, BMI

Thursday- SRCE, AUB, WAL, PINE, ASB

Friday - ACU, SXT, SMPL. MCB, CBAN



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