Market Moment

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

7/12/2023

  • The novelty of ChatGPT may have worn off. Desktop and mobile web traffic to the ChatGPT website dropped 9.7% from May to June. Despite this drop, ChatGPT still brings more worldwide visitors than Bing.com, Microsoft’s search engine.
  • When public student loan payments resume in October, many borrowers will struggle. Only 29% of borrowers say they will have enough money to make payments without adjusting spending, and 34% say they will not be able to make payments at all.
  • As a result of the Federal Reserve’s interest rate hikes the fed funds rate is now higher than inflation. Historically this bodes well for core bonds, which have had an average return of 7.5% when the fed funds rate is higher than inflation (vs. 3.2% when it is not).*
  • Walmart has used the fact that 90% of Americans live within 10 miles of one of its stores to become a food giant. Grocery now makes up 60% of its sales, dwarfing Amazon in the space. This has not come at the cost of e-commerce sales, which grew 122% since 2020.  


*Based on data from 1955-2023, past performance is not indicative of future performance

Similar Web - "ChatGPT Drops About 10% in Traffic as the Novelty Wears Off"

MFS - "Beyond the News"

BlackRock - "Student of the Market"

Barrons - "Walmart Is Quietly Growing Into a Retail Tech Titan. The Stock Is a Buy.






Economic Calendar


Monday:

Wholesale inventories (May), Fed Vice Chair Barr speaks, San Francisco Fed President Daly speaks, Cleveland Fed President Mester speaks, Consumer credit (May)


Tuesday:

NFIB optimism index (Jun)


Wednesday:

Consumer price index (Jun), Core CPI (Jun), CPI year over year, Core CPI year over year, Richmond Fed President Barkin speaks, Atlanta Fed President Bostic speaks, Fed Beige Book


Thursday:

Initial jobless claims (Jul), Producer price index (Jun), Core PPI (Jun), PPI year over year, Core PPI year over year, Federal budget (Jun), Fed Governor Waller speaks


Friday:

Import price index (Jun), Import price index minus fuel (Jun), Consumer sentiment (Jul) (prelim)


 

US Futures*

S&P 4,475.37 +0.81%

DOW 34,0380.09

+0.35%

NASDAQ 13,925.67

+1.20%


World Markets*

FTSE 7,416.11

+1.83%

NIKKEI 31,943.93

-0.81%

HANG SENG 18,860.95

+1.08%


*values as of 3:00 PM EST 7/12/2023

 

Treasuries*

2 YR 4.746%

10YR 3.861%

30 YR 3.950%



Cryptocurrencies*

BTC-USD

30,519.34 +0.12%

ETH.CM

1,887.31 +0.72%

^CMC200

654.98 -0.05%




Currencies*

Euro $1.1137

Pound $1.2990

Yen $138.3340



Commodities*

Gold 1,962.90

+1.33%

WTI Crude 75.82

+1.32%

Silver 24.34

+4.57%



Upcoming Earnings Calls


Monday - HELE, WDFC, PSMT, ETWO, SAR

Tuesday - AMX, BYRN, VMAR, IRNT, SPR

Wednesday - WAFD, MLKN, WINA, ANGO, DAKT

Thursday- PEP, CTAS, FAST, DAL, WIT

Friday - UNH, JPM, WFC, BLK, C



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