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June 10, 2024 Investor Insights Thumbnail

June 10, 2024 Investor Insights

Investor Insights

Tech Titans Triumph

June 10, 2024

Enjoy this week's "Investor Insights," a weekly newsletter that highlights the financial news you need and provides tips and tricks for making better investment decisions. 

  • The Nvidia story continues with the stock reaching $3 trillion in market value, and along with Apple and Microsoft, these companies now represent over 20% of the S&P 500. This is the highest concentration of top companies in the index since at least 1980. 1
  • US government debt held by the public rose from 76% of GDP in 2017 to 97% in December. Yields on 10-year US Treasury bonds increased from 2.4% in 2017 to 4.3%, and annual net interest payments for the federal government jumped from $263 billion to a projected $890 billion, surpassing the Defense Department budget. 2
  • Employers added 2.75 million jobs in the past 12 months, including 272,000 in May. The unemployment rate has been at or below 4% for 30 months, a rarity since the late 1960s. However, hiring rates have been declining and are close to levels last seen seven years ago. 3
  • Historically, the S&P 500 gains about 8% in presidential election years, averaging over 12% when an incumbent president runs. 19 of 23 election years (83%) provided positive performance. The market tends to rise after conventions, leading up to the November elections and year-end. *4

Sources:

  1. Barrons - "Nvidia's $3 Trillion Value Shows the Power of Momentum"
  2. Bloomberg - "Trump Tax Cut Renewal Is Winning Wall Street, But Could Cost $4.6 Trillion"
  3. WSJ – “Why the Recession Still Isn't Here"
  4. Barrons – “Trump Tax Cuts Expire Next Year. Investors, Pay Attention."

*Past performance is not indicative of future performance

Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter. 

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