Daily Covid and Markets Podcast - Thursday June 18, 2020
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 18 June 2020
⏱️ 19 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Futures overnight dipped 400 points by my bed time, were basically back to even at 3:15am, and then dipped a tad before the 5:30am release on jobless claims. That number came in at 1.5 million, and the market didn’t respond. We opened down and reached down -270 before reversing. It was a bouncy day but never was the range of movement very wide.
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. |
| 0:10.0 | Hello and welcome to today's COVID and markets. This is David Bonson of the Bonson Group. |
| 0:20.0 | The COVID and Markets brought you by Dividendon Cafe and this is our Thursday, June 18th, missive. And we ended up with one of the boringest conclusions here for the market. The S&P was at one point. The Dow was down, I think, 20, 30 points. But a little more action in the last 24 hours to get there. |
| 0:40.3 | The futures last night were down about 400 points by my bedtime. |
| 0:44.1 | And when I was up at 3.15 this morning, they had dipped back. |
| 0:48.8 | They had come back to about even. |
| 0:52.1 | And then dipped a little bit again when the jobless claims right before the |
| 0:56.9 | jobless claims number came out at 5.30 in the morning, we lost, there were one and a half |
| 1:02.4 | million additional jobless claims last week, which was a little higher and expected, not much. |
| 1:08.0 | Market didn't respond much to that. And by the time the market opened, we were down |
| 1:12.1 | 270 points, maybe 10 minutes into trading. And then from there, it did go higher and just kind |
| 1:18.1 | of bounced throughout the day. And so you had this kind of intraday volatility. I wouldn't say |
| 1:21.9 | it was really severe, certainly not like some of the days we've been having. But again, at |
| 1:25.9 | COVID-Omarkets.com, we put a chart in to just kind of see the up and down movements took place throughout the day. And then ultimately we ended, like I said, we're just Dow down 30 and S&P up one. So a totally flat day with this choppiness in between. And this is kind of, I think, where we're at when there's not a whole lot of news catalysts. |
| 1:44.2 | There is right now. |
| 1:45.7 | I'm going to talk about in a moment the health data, but the market seems to be totally |
| 1:51.0 | unwilling to buy into some of the silliness that is being promulgated out there. |
| 1:58.3 | So the lack of a major Fed announcement, not a whole lot of economic data, |
| 2:04.7 | nothing surprising. Obviously, the market would respond if some of the quote-unquote COVID-surge |
| 2:12.1 | conversation intensified, but I think right now the market is more or less seeing it largely the way I do. |
| 2:18.4 | And so let's go ahead and get right into that. |
| 2:20.0 | And then we'll talk a bit about housing and the Fed and our normal trip around the world. |
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