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October 21, 2024 Investor Insights Thumbnail

October 21, 2024 Investor Insights

Tech Sector Dominance

October 21, 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. 

  • To be in the top 1% of US earners today, you need an average annual income of $788,000. Washington, DC, has the highest threshold at $1.21 million, while West Virginia has the lowest at $420,000. 1
  • Last Saturday, the S&P 500 marked the 2nd anniversary of the bull market's start. Through 10/9/24, the S&P 500 has gained 62% during this bull market. Since 1928, the 11 bull markets that lasted at least two years had a median S&P 500 gain of 126% over five years. *1
  • On October 10th, the tech sector’s share of the S&P 500 reached 32%. Its average share since 1990 is just under 18%, but it has averaged 27.5% over the last five years. The financial sector is the second largest sector in the index at 13%. 1
  • Holiday spending in 2024 is expected to grow by 2.5% to 3.5% from last year, reaching between $979.5 billion and $989 billion. This is up from $955.6 billion in 2023. Holiday sales growth has not fallen below 3.5% since 2018, when it rose by only 1.8% in 2017. 2

Sources:

  1. MFS - "Beyond the News"
  2. Barrons - "Forecasting Holiday Shopping, 2024: Good, Not Great"

*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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