Daily Covid and Markets Podcast - Wednesday May 28
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 28 May 2020
⏱️ 17 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
The market pointed to a modest up opening this morning in the overnight futures, and it did just that. And the market stayed up ~100-200 points throughout the day, until the final hour of trading where it went from +150 to -150. The media has reported it as a combination of news that POTUS was signing an executive order trying to reign in social media companies as well as news that the White House would hold a press conference Friday to discuss some aspect of the China relationship. I believe it was entirely the latter and not at all the former (the social media flexing was known to be coming all day, and surely the market does not see it as having a lot of teeth). The uncertainty around the China announcement was surely worth a couple hundred points …
The weekly jobless claims came in at 2.1 million, down from the 2.5 million level of last week, and way down from the 6.9 million high level in late March, but still extremely high, and extremely sad. The number had been just 212,000 per week on average in January and February before the economic shutdown. Continuing claims, though, tallying the unemployment benefits of state programs, fell last week for the first time since the COVID moment began.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.6 | Hello and welcome to today's COVID and markets missive brought to you by the Dividend Cafe of the Bonson Group. |
| 0:20.7 | This is David Bonson |
| 0:21.4 | Chief Investment Officer. And we have closed out Thursday, May 28th in the market. The futures |
| 0:28.4 | were pointing to about a hundred point open or so. And the market did indeed open about |
| 0:34.6 | 100 points. And it kind of stayed there throughout the day uh actually uh you know |
| 0:38.7 | 100 to 200 points so modestly up on the day and in the final hour of trading it went from about |
| 0:45.8 | up 150 to about down 150 at the close and and that all happened in the last maybe 45 minutes and so uh not a huge, you know, checkback and keep in mind we're up 1100 points prior two days. |
| 0:59.9 | But that 150 point in the downside, the media is reporting a combination of two events, |
| 1:07.2 | POTUS signing executive order to try to rein in social media and there's a whole kind of |
| 1:13.0 | political thing around White House actions against some of the prominent social media companies. |
| 1:19.2 | But then also a report that came out that the White House would be holding a press conference |
| 1:23.6 | on Friday to discuss some aspects of U.S. relationship with China. |
| 1:29.0 | I don't think has anything to do with the former, and I think as everything to with the latter, you know, |
| 1:33.2 | as far as that social media presidential flexing or whatnot, it was known all day that it was coming. |
| 1:40.1 | And I don't really believe the market sees it as having a whole lot of teeth. |
| 1:45.9 | And so that would very much surprise me if it was a big factor in market movement. |
| 1:51.0 | I think uncertainty around the China announcement tomorrow is certainly worth a couple hundred points. |
| 1:57.6 | The weekly jobless claims came this morning, 2.1 million new claims down from 2.5 million of last week |
| 2:05.7 | and way down from the 6.9 million high level that we experienced in late March, but it's still |
| 2:13.7 | extremely high and extremely sad. |
| 2:21.5 | You know, the average number, just to put in context, is I don't think people were really paying attention to initial jobless claims numbers week over week until COVID, |
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