September 19, 2023 Market Moment

Market Moment

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

9/19/2023

The 10 largest companies in the S&P 500 now make up an astounding 34% of the index. These 10 mega-cap companies have an average price-to-earnings (P/E) ratio of 50x, which is significantly higher than the overall market. 1
For the first time since 2003, monthly imports from Mexico into the US exceeded imports from China on a 12-month average. Imports from China have accounted for just 14.43% of total imports over the last 12 months compared to 14.84% from Mexico. 2
15 years have passed since the Lehman Brothers went bankrupt. From the close on the Friday before Lehman filed for bankruptcy (9/12/08) to the stock market low on 3/9/09, the S&P 500 declined 46%. Despite that, the S&P 500's total return in the 15 years since that Friday is 380.8%. 2
A United Auto Workers strike has begun amongst General Motors, Ford, and Stellantis, and is expected to further increase Tesla’s market advantage. Tesla pays its non-union workers an average of $45 an hour compared to $66 an hour for the striking union workers (before any salary increases). 3

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*Past performance is not indicative of future performance

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This desk commentary is for informational purposes only

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