October 1, 2024 Market Moment
Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
10/1/2024
- In 2023, Americans spent $186 billion on pet products and services, more than on childcare. Pet spending has grown faster than overall spending every year since 2011, the longest streak since at least 1960. 1
- As of Tuesday, 9/24, there are six weeks until Election Day 2024. In the last six U.S. Presidential election years, the S&P 500 has averaged a 3.7% decline in the six weeks before Election Day, with declines in four out of six times. *2
- In 2022, only 40% of people aged 18-29 had a positive view of capitalism, 33 percentage points lower than those 65 and older. That may be because the top 1% now hold more wealth than the entire middle 40%, a reversal from three decades ago. Additionally, the wealth of the top 0.01% grew nearly 6x faster than the bottom 50% since 1976. 3
- Average 30-year mortgage rates have dropped to just over 6%, but high home prices are still keeping monthly payments out of reach. Rates would need to fall to about 5.25% for the monthly payment on a $419,000 home to match the average U.S. rent of $1,840. 4
Sources:
- Economist - "Bureau of Economic Analysis"
- Bespoke - "Six Weeks Left"
- Bloomberg- "How Americans’ Trust in Big Business Went From Bad to Worse"
- WSJ - "Rent or Buy? How Falling Mortgage Rates Change the Math"
*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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