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October 30, 2023 Investor Insights Thumbnail

October 30, 2023 Investor Insights

Investor Insights

Taylor Swift Economics

October 30, 2023

Enjoy this week's "Investor Insights," a weekly newsletter highlighting the financial news you need and providing tips and tricks to help you make better investment decisions.  

  • Taylor Swift's net worth recently surpassed $1 billion thanks to the profits from her highly successful Eras tour. According to Bloomberg, her 53 concerts this year added $4.3 billion to the country’s gross domestic product (GDP)! 1
  • The S&P 500 index dropped 10.3% from its recent high in July 2023. In the past 15 corrections for the S&P 500, it took an average of three months for its performance to recover, while the index gained an average of 10.1% a year later. *2
  • Healthcare costs in the US continue to grow at a rapid pace. Employer-sponsored health plans for 2023 are 7% more expensive than last year, with average annual premiums reaching $8,500 for singles and $24,000 for families. 3
  • As mortgage rates hit 8%, US existing home sales fell below four million in September. This marks a 15.4% year-over-year decline and the 16th consecutive month of double-digit decreases, nearing the 20-month record from 2008. 4

Sources:

  1. Bloomberg - "Taylor Swift Vaults Into Billionaire Ranks with Blockbuster Eras Tour"
  2. Market Watch - "S&P 500 index enters a correction. Here’s what it means for future performance."
  3. Money Mag - "Employee Health Insurance Costs Are Up 7%"
  4. MFS - "Beyond the News"

*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.

www.gleneagleadv.com

Susan Michel, Rob Michel, Carol Ann Fernandez - The Michel Team www.gleneagleadv.com

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

Glen Eagle Advisors, LLC is a SEC Registered Investment Advisor