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October 21, 2024 Market Moment Thumbnail

October 21, 2024 Market Moment

Market Moment

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

10/21/2024

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

MFS - "Beyond the News"

Barrons - "Forecasting Holiday Shopping, 2024: Good, Not Great"

*Past performance is not indicative of future performance

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This desk commentary is for informational purposes only 

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