July 1, 2024 Market Moment
Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
7/1/2024
- Global shipping costs are now five times higher than in 2023, with Asia-Europe container rates at $8,000 per 40-foot container, up from $1,500. Houthi attacks in the Red Sea, a container shortage, and a potential US dockworker strike have all contributed to the price increase. 1
- In 2014, the US made up about 36% of the world stock market. Today, that percentage has grown to an astounding 48% despite the fact that the US is only responsible for about 25% of global GDP. 2
- AI has continued to drive the stock market higher in 2024. In fact, AI-related S&P 500 companies gained 14.7% in market value in the second quarter, while non-AI stocks lost 1.2%. 3*
- The average interest rate on a used car in Q4 2023 was 11.9%, varying widely by credit score. Super prime borrowers (780+ credit score) saw 7.7%, near prime (600-660) had 14.1%, and subprime (500-600) faced 18.9%. 4
Sources
- Barrons - "Shipping Rates Spike, Triggering Inflationary Fears"
- Bespoke - "This Week's Can't-Miss Analysis + Bespoke 50 Update"
- WSJ - "The Quarter That Split the Market, in Six Charts"
- MFS - "Beyond the News"
*Past performance is not indicative of future performance
Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.
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This desk commentary is for informational purposes only
Carol Ann Fernandez, Rob Michel, Grier Vacek
(609) 631-8231
www.gleneagleadv.com
Glen Eagle Wealth, LLC | 4422C Route 27, PO Box 399, Kingston, NJ 08528-0399
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