October 30, 2023 Market Moment

Market Moment

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

10/30/2023

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:

Bloomberg - "TAYLOR SWIFT VAULTS INTO BILLIONAIRE RANKS WITH BLOCKBUSTER ERAS TOUR"
Market Watch- "S&P 500 index enters a correction. Here’s what it means for future performance."
Money Mag - "Employee Health Insurance Costs Are Up 7%"
MFS - "Beyond the News"

*Past performance is not indicative of future performance

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This desk commentary is for informational purposes only

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