October 7, 2024 Market Moment
Market Moment
Glen Eagle®: America’s Women-Owned Trading Desk®
10/7/2024
- The Magnificent 7 mega-caps drove nearly all market gains in the first half of 2024. In the second half, they’ve contributed just 2.9% of the S&P’s rise, while the other 493 stocks made up 97.1%. 1
- OpenAI is now valued higher than 87% of S&P 500 companies. It raised $6.6 billion, reaching a valuation of $157 billion (up from last year’s valuation of $29 billion), making it one of the highest-valued private companies globally, alongside SpaceX and TikTok. 2
- Three states (California, New York, and Texas) are responsible for 40% of all issued municipal bonds. If the current tax cuts expire in 2025, interest in these tax-exempt municipal bonds may gain in popularity among high-income earners. 3
- The S&P 500 has risen by double digits this year, including a rare 2.1% gain in September. Historically, the market rises 79% of the time in Q4 after September gains, averaging a 5.1% increase. *4
- Bespoke - "Equity Market Pros and Cons"
- MarketWatch - "Opinion: OpenAI is now worth more than 87% of S&P 500 companies. It faces a tough test ahead."
- WSJ- "Why Investors Are Putting More Money in State-Specific Muni ETFs"
- Barrons - "The Stock Market Looks Very Strong. Prepare for the S&P 500 to Hit 6000 Soon."
*Past performance is not indicative of future performance
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This desk commentary is for informational purposes only
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