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10 Things You Should Know This Week

Week of 3/3/24

One

Fingers crossed, wood knocked on – The S&P 500 Index keeps extending its rally, which could be a positive sign. Since 1970, the S&P 500 Index has been positive over the next 12 months 83% of the time after marking a new all-time high. (Source: Compustat. Calculations: Hartford Equity Modeling Platform, as of 1/31/24)

Two

Talk about momentum, yeesh – It took chipmaker Nvidia 24 years to reach a $1 trillion market-cap, but only eight months to hit $2 trillion (reached on 2/23/24). Demand for their chips has grown so high they're now delivered by armored vehicle. (Source: The Wall Street Journal)

Three

A blessing and hopefully not a curse? – Amazon was added to the Dow Jones Industrial Average Index on February 26 in the first change to the Index since 2020. This may not be good news for the stock, though—stocks that have been added to the Index this century have lagged by an average of 13.83% in the subsequent 12 months. (Source: Barron’s)

Four

Turns out the sky actually is the limit here – Thanks to the rapid rise of fast-fashion e-commerce retailers such as Shein, Temu, and TikTok Shop, consumers may be subject to slower delivery times as companies compete for global air-cargo space. Shein and Temu alone send more than 600,000 packages to the US each day from hubs in Asia. (Source: Reuters)

Five

You can rely on the old man’s money – The volume of $100 bills in circulation has more than doubled in the last decade, making it the most common denomination of currency by far in the US. These bills tend to remain in circulation longer than any other—it’s harder to let go of such a large bill, and they're subject to more scrutiny in the checkout line. (Source: The Wall Street Journal)

Six

I’m tired of this, Grandpa – A decade ago, just one of the world’s 10 most populous countries had a leader who was 70 or older. Now, that number has risen to eight countries, leaving half the global population with leaders in their 70s and 80s. (Source: The Wall Street Journal)

Seven

Moving on up – Thanks to a bump from recent stock-market rallies, there are now more people with $1 million or more saved in their 401(k) accounts. Year-over-year, the number of 401(k) millionaires rose 11.5%, and the average balance ended 2023 up 14% from the year prior. (Source: CNBC)

Eight

I guess you can’t be good at everything – After 10 years and $10 billion spent, Apple has officially shelved its efforts at making a self-driving, electric car. If the car ever had made it to market, it would have likely cost at least $100,000. (Source: The New York Times)

Nine

It's been 84 years—well, just 52 actually – For the first time since 1972, Americans have landed on the moon. Intuitive Machines became the first private company to land on the lunar surface when their unmanned Odysseus spacecraft touched down on February 22. (Source: NPR)

Ten

It may be time for me to consider a career change – The NFL raised its salary cap by a record-breaking $30.6 million. This year’s jump is the largest in any single year since the salary cap was introduced 30 years ago and can be attributed to exploding revenue and the completion of deferred player benefits that resulted from the COVID-19 pandemic. (Source: ESPN) 

Past performance does not guarantee future results. Indices are unmanaged and not available for direct investment.

Investing involves risk, including the possible loss of principal. 

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

Dow Jones Industrial Average is an unmanaged, price-weighted index of 30 of the largest, most widely held stocks traded on the NYSE.

Hartford Funds may or may not be invested in the companies referenced herein; however, no particular endorsement of any product or service is being made.

 

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