July 22, 2024 Market Moment

Market Moment

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

7/22/2024

In 2023, American companies held 32 of the top 50 spots in market capitalization, the highest number since 1995. U.S. companies comprised 74% of the total market value of the 50 largest companies, while Chinese companies only accounted for 3%. 1*
Only 13% of U.S. workers now earn less than $15 an hour, down from 31.9% two years ago. This has been partly driven by high inflation and strong demand for workers. 2
The S&P 500 index is market value-weighted, which means the Magnificent Seven stocks represent around 30% of the index. This high concentration in a few stocks is one reason the Invesco S&P 500 Equal Weight ETF (RSP) has seen $11 billion in net inflows this year. The seven tech stars collectively constitute less than 2% of the RSP. 3*
In the first half of 2024, 346 US companies filed for bankruptcy, the highest first-half total since 2010. In June, 75 companies filed for bankruptcy, the highest monthly total since 2020. 4

Bloomberg - "The Future Belongs to American Companies, Not Necessarily to Americans"
Axios - "America's Wage Boost: There are Fewer Low-Wage Workers in the US Now"
Barrons- "At Long Last, the 'Other S&P 500' Takes a Bow"
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.

Glen Eagle Wealth, LLC is a member of FINRA and SIPC

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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