September 9, 2024 Market Moment

Market Moment

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

9/9/2024

68% of millennials and Gen Z expect to inherit about $320,000. However, 55% of baby boomers planning to leave an inheritance will pass on less than $250,000. Only 1/3 of white families and about 10% of Black families receive any inheritance, and more than half of those inheritances are less than $50,000. 1
Historically, September is the worst month for the S&P 500, with an average decline of 0.78% since 1945 and gains only 43% of the time. In election years, the average decline in September is 0.51% with gains 47% of the time. *2
On August 26th, gold hit a record high for the 29th time this year. Since 1976, the only two years that gold has had more record closing highs through August have been 2011 and 1979, with 37 and 32, respectively. *2
China’s economic growth has slowed to around 5%, down from a peak of 14% in 2007. President Xi is shifting the economy from infrastructure and real estate to manufacturing and exports, which is affecting Western companies due to increased production capacity and deflation. 3

NBC News - "The Great Wealth Transfer has Started - but Millennials, Gen Z may not Inherit as Much as they Anticipate"
MFS - "Beyond the News"
Barrons- "China’s Troubles Are Hitting Home for U.S. Companies"

*Past performance is not indicative of future performance

Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.

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

This desk commentary is for informational purposes only

Carol Ann Fernandez, Rob Michel, Grier Vacek

(609) 631-8231

www.gleneagleadv.com

Glen Eagle Wealth, LLC | 4422C Route 27, PO Box 399, Kingston, NJ 08528-0399

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