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10 Things You Should Know This Week

Week of 6/4/23


A little math problem – Overall, the S&P 500 Index has a forward price-to-earnings (P/E) ratio of 19. The top 10 stocks are pricier with  an average P/E ratio of 31. But the top three stocks? They've got a whopping average P/E of 45. (Source: FactSet)


Welcome to the club – Chipmaker Nvidia reached the $1 trillion market-cap club in May, making it just the ninth company in the world to cross the trillion dollar threshold (though only six companies have maintained this size). Thanks to the AI boom, Nvidia’s stock value has tripled in less than eight months—up 45% in May and 174% this year. (Source: The Wall Street Journal and Forbes)


Office work, schmoffice work – Moody’s reported that US commercial real estate prices fell for the first time in more than a decade during the first quarter, though the fall was less than 1%. The decline was led by drops in multifamily residences and office buildings. (Source: Bloomberg)


Down, but not out – For the first quarter of 2023, the S&P 500 Index had an earnings decline of -2.2% year-over-year, the second consecutive quarter of decline. Despite the drop, analysts are still projecting positive earnings growth of 1.3% for the full calendar year. (Source: FactSet) 


Down, down baby – Turkey’s lira hit record lows following the reelection of President Recep Tayyip Erdogan. The lira has slid more than 6% since the start of the year and lost more than 90% of its value over the last decade. The economy is set to be a major challenge for Erdogan as he enters his third decade in power. (Source: Reuters)


Inflation, man – Thirty-five percent of American adults report that they’re worse off financially than they were a year ago, the highest percentage since the Federal Reserve began its Survey of Household Economics and Decisionmaking in 2014. (Source: Federal Reserve)


The fountain of youth is ... a pile of broccoli? – You could add up to 13 years to your life by eating fewer red and processed meats and more fruits and vegetables, legumes, whole grains, and nuts. (Source: PLOS Medicine)


Rather late than never – A library book last checked out in 1927 was recently returned to the St. Helena Public Library in California. The overdue fees were waived, but would have added up to $1,700 over the course of the last 96 years. (Source: The Washington Post)


Leaving on a jet plane – Nearly 9.8 million travelers passed through airport security over Memorial Day Weekend—roughly 300,000 more than the same weekend in 2019. Air travel also reached a new post-pandemic, single-day record on Friday: 2.74 million travelers. (Source: Axios)


ICYMI, NBD – Buddy Holly, winner of the "Best in Show" category at the 2023 Westminster Dog Show, was the first PBGV (Petit Basset Griffon Vendéen) to win the top prize at Westminster. (Source: The New York Times)


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. 
Price/Earnings is the ratio of a stock's price to its earnings per share. 

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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