Market Moment

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

3/20/2023

  • Fearful investors have piled cash into money market funds, which are now back at an all-time high of $4.8 trillion. The last time money market fund assets were as high was during the height of the pandemic in May 2020. 
  • The recent financial troubles of smaller US banks (i.e. excluding the 25 largest banks) could affect other parts of the economy since they provide 40% of all bank lending, including two-thirds of commercial real-estate loans and 70% of construction loans.
  • Based on over 54 million processed tax returns, the average tax refund has fallen 11% to $3,028 from $3,401 a year ago.
  • Last Thursday marked the 14th anniversary of the S&P 500’s financial crisis lows on March 9th, 2009 reached during the Great Recession. Since that low, the S&P 500's annualized return has been a gain of 15.8%.


BlackRock- "Advisor Center"

WSJ - "Local Banks Could Leave Gaps That Will Are Hard to Fill"

Barrons- "Tax Refunds Will Be Lower This Year. it's Going to Squeeze Consumer Spending."

MFS - "Beyond the News"



Economic Calendar


Monday:

None scheduled


Tuesday:

Existing home sales (Feb)


Wednesday:

Fed interest-rate decision, Fed Chair Powell press conference


Thursday:

U.S. current account (Q4), Initial jobless claims, Continuing jobless claims, New home sales (Feb)


Friday:

Durable goods (Feb), S&P Global flash U.S. services PMI (Mar), S&P Global flash U.S. manufacturing PMI (Mar)


 

US Futures*

S&P 3,959 +0.30%

DOW 32,199 +0.40%

NASDAQ 12,650.25

+0.40%


World Markets*

FTSE 7,381.14

+0.72%

NIKKEI 26,945.67

-1.42%

HANG SENG 19,000.71

-2.65%


*values as of 9:30 AM EST 3/20/2023

 

Treasuries*

2 YR 3.847%

10YR 3.436%

30 YR 3.642%



Cryptocurrencies*

BTC-USD

28,206.58 +3.45%

ETH.CM

1,771.44 -3.24%

^CMC200

613.19 +7.20%




Currencies*

Euro $1.0725

Pound $1.2247

Yen $131.3950



Commodities*

Gold 1,982.50

+0.46%

WTI Crude 66.42

-0.48%

Silver 22.24

-0.16%



Upcoming Earnings Calls


Monday - PDD, AEG, BZ, FL, ABCM

Tuesday - NKE, ELP, TME, ONON, GME

Wednesday - WDS, CHWY, OLLI, LAC, BAK

Thursday- ACN, GIS, DRI, FDS, SBS

Friday - PSNY, CSAN, PLL, BHVN, PNT



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