December 18, 2023 Market Moment

Market Moment

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

12/18/2023

The Magnificent Seven stocks (Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta, and Tesla) have swelled to represent about 30% of the S&P 500's market value. Together they now represent more market value than the UK, China, France, and Japan stock markets combined. 1
Mortgage rates fell below 7% for the first time since August, as the U.S. economy is showing signs of cooling off. The 30-year fixed-rate mortgage fell for the seventh week in a row and averaged 6.95% as of Dec. 14. 2
In a recent survey, 45% of investors said the 2024 Presidential Election will have a bigger impact on their retirement plans than the stock market’s returns. Additionally, 32% believe the U.S. economy could enter a recession within a year if their preferred political party does not win. 3
The U.S. unemployment rate has remained below 4% for a record 22 consecutive months, marking the longest stretch since the late-1960s. Notably, the unemployment rate did not fall below 4% during the entire 1970s, 80s, or 90s. 4

Sources

WSJ- "It's the Magnificent Seven's Market. The Other Stocks Are Just Living in It."
Marketwatch - "Mortgage Rates Fall Below 7% for the First Time Since August"
MFS- "Beyond the News"
The Irrelevant Investor- "Animal Spirits: Dunking on Doomers"

*Past performance is not indicative of future performance

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This desk commentary is for informational purposes only

Carol Ann Fernandez, Rob Michel, Grier Vacek

(609) 631-8231

Glen Eagle Wealth, LLC | 4422C Route 27, PO Box 399, Kingston, NJ 08528-0399

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