• The top 10% of earners (households making $250,000 or more) now account for 49.7% of all spending in the U.S., up from 36% three decades ago. Their spending alone is estimated to account for almost one-third of GDP. 1
• The top 10% of earners in the U.S. also own 87% of all stocks, 84.4% of all private businesses, and 43.9% of real estate. This concentration of wealth and assets highlights this group's substantial influence on the overall economy. 2
• Investors often forget how impactful dividends can be on their portfolio’s overall return. Since 1993, nearly half of the S&P 500's 2,390% total return has come from reinvesting quarterly dividends. *3
• According to a recent report, a 65-year-old who retired in 2024 can expect to spend an average of $165,000 on healthcare during retirement, up nearly 5% from 2023. 4

1. WSJ - "The U.S. Economy Depends More Than Ever on Rich People"
2. The Irrelevant Investor - "Animal Spirits: Time to Get Bearish"
3. Bespoke- "Don't Sleep on Dividends"
4. MarketWatch - "As baby boomers turn 80, there aren’t enough doctors to treat ‘emergency levels’ of dementia patients"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

S&P final U.S. manufacturing PMI (Feb), Construction spending (Jan), ISM manufacturing (Feb), St. Louis Fed President Musalem speaks, Auto sales (Feb)

Tuesday:

New York Fed President Williams speaks, Richmond Fed President Barkin speaks

Wednesday:

ADP employment (Feb), S&P final U.S. services PMI (Feb), Factory orders (Jan), ISM services (Feb), Fed Beige Book

Thursday:

Initial jobless claims (Mar), U.S. productivity (final) Q4, U.S. trade deficit (Jan), Wholesale inventories (Jan), Fed Governor Christopher Waller speaks, Atlanta Fed President Bostic speaks

Friday:

U.S. jobs report (Feb), U.S. unemployment rate (Feb), U.S. hourly wages (Feb), Hourly wages year over year, Fed Governor Michelle Bowman speaks, New York Fed President Williams speaks, Fed. Governor Adriana Kugler speaks, Fed Chairman Jerome Powell speaks, Consumer credit (Jan)

Upcoming Earnings Calls

Monday - OKTA, GTLB, TGTX, SMR, CRC

Tuesday - CRWD, SE, AZO, TGT, FLUT

Wednesday - MRVL, VEEV, ZS, MDB, BF.A

Thursday- AVGO, COST, JD, CNQ, KR

Friday - WRD, AQN, ADV, GCO, WHF

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