August 7, 2023 Market Moment
Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
8/7/2023
- Taiwan produces over 90% of advanced semiconductors and 60% of chips globally. A war there would cost the global economy $2.5 trillion annually, making the recent $52 billion of investments in US chip making reasonable insurance. 1
- The average price of a gallon of gas in the US currently stands at $3.82, an amount that has only been higher on a meager 6% of days since 2005. 2
- The Federal Reserve raised the fed funds rate to 5.25-5.5%, the highest since 2001. Despite this, the average savings account has a yield of just 0.42%, and 68% of middle-income Americans have not moved their money to higher-yielding accounts. 3
- The S&P 500 is up by 17% so far this year. However, history shows September is the worst-performing month, with an average loss of 1.1% dating back to 1928, with the market rising less than 45% of the time during that period.* 4
- Bloomberg Opinion - "Most of the World's Chips are Made in Taiwan. What Happens if there is a War?"
- Bespoke Investment Group- "Gas Prices"
- MFS - "Beyond the News"
- WSJ - "Stocks Have Had a Great Year. Cue the September Effect"
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
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