It has been three years since the current bull market began in 2022. In the nine prior bull markets since 1928 that lasted at least three years, the S&P 500 had a median fourth-year gain of 13.1%, with positive returns in eight of nine cases. *1
The private equity industry seems to be getting saturated. There are now roughly 19,000 private equity funds in the U.S.— over 5,000 more than the number of McDonald’s locations (13,658). 1
There are now more than 24 million millionaire households in the U.S., or about one in five. One-third reached that milestone in the past eight years, but most of their wealth is illiquid—about 66% tied up in homes and retirement accounts. 2
65% of Americans say the government shutdown hasn’t affected their plans for major purchases like homes or cars. Of those impacted, 17% delayed purchases, and 7% canceled them altogether. 1
MFS - "Beyond the News"
A Wealth of Common Sense - "House Rich Millionaires"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
U.S. leading economic indicators (Sep)
Tuesday:
Fed governor Christopher Waller opening remarks
Wednesday:
Fed governor Michael Barr speaks
Thursday:
Initial jobless claims (Oct), Existing home sales (Sep), Fed Vice Chair for Supervision Michelle Bowman testifies, Fed governor Michael Barr speaks
Friday:
Consumer price index (Sep), CPI year over year, Core CPI (Sep),Core CPI year over year, S&P flash U.S. services PMI (Oct), S&P flash U.S. manufacturing PMI (Oct), Consumer sentiment (final) (Oct), New home sales (Sep)
US Markets*
S&P 6,735.25+0.49%
DOW 46,557.00+0.38%
NASDAQ 25,140.75
+0.62%
World Markets*
FTSE 9,412.08
+0.61%
NIKKEI 49,185.50 +3.37%
HANG SENG 25,858.83 +2.42%
*values as of 11am EST 10/20/2025
Treasuries*
2 YR3.470%
10YR 4.001%
30 YR 4.585%
Cryptocurrencies*
BTC-USD
111,575.56
+2.83%
ETH.CM
4,051.31
+1.70%
Currencies*
Euro $1.1653
Pound $0.7455
Yen $150.5990
Commodities*
Gold 4,349.80
+3.24%
WTI Crude 56.55
-1.05%
Silver 51.29
+2.37%
Upcoming Earnings Calls
Monday - WRD, STLD, SMMT, PAC, CCK
Tuesday - NFLX, GE, KO, PM, RTX
Wednesday - TSLA, SAP, IBM, TMO, T
Thursday - TMUS, INTC, UNP, HON, BX
Friday - PG, SNY, IBN, HCA, GD
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
