Covid and Markets - Thursday September 10
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 10 September 2020
⏱️ 11 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
The market dropped 400 points today despite opening up over 200 points. The 600-point intra-day reversal was led by the Nasdaq’s almost 400-point intra-day reversal, bringing the recent peak-to-trough drop now to ~9.6%, so not quite 10% correction territory on a closing basis.
There was not a particular catalyst to the sell-off. The weekly jobless claims number came an hour before the market opened and the tick down did not begin until ninety minutes after the market opened. The fact that the Democrats blocked the Republican stimulus bill from coming forward for discussion was obviously not a surprise. The selling pressure in big tech just hasn’t settled yet, and that is where we are. Weekly jobless claims stayed around 850,000 on the week, and continuing claims stayed around 13.4 million …
Okay – around the horn we go!
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.4 | Hello and welcome to today's COVID and markets podcast brought to you by the Dividing Cafe of the Bonson Group. |
| 0:19.6 | We're going to jump around the horn real quickly, |
| 0:22.2 | give you today's kind of updated information, |
| 0:24.9 | and also remind you that we have our national video call on Monday |
| 0:30.2 | where we're going to do a special edition, |
| 0:32.6 | all things, politics, unpacking, everything connected to the election |
| 0:37.1 | and election implications on the |
| 0:39.7 | economy and investment markets. |
| 0:42.9 | That'll be Monday that will have that national call. |
| 0:46.9 | And on Friday, we will be releasing a very extensive white paper that I've written on that very subject. |
| 0:56.3 | So I'll be on the lookout for that information. |
| 0:59.4 | I look forward to having you on the call on Monday. |
| 1:01.9 | And, of course, if you're not on the call, we will be releasing the replay as our podcast on Monday. |
| 1:08.6 | Okay. |
| 1:10.1 | The market dropped 400 points today. |
| 1:13.2 | It actually was up a couple hundred points a little while after the open, |
| 1:16.9 | so he had a 600 point intraday reversal, |
| 1:19.9 | although the NASDAQ had a 400 point intraday reversal, |
| 1:23.3 | so on a percentage basis, much bigger. |
| 1:26.3 | And that does bring the recent peak to trough drop from the high level down to the low level, |
| 1:31.7 | the NASDAQ, to 9.6%. |
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