Monday - June 22, 2026
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 22 June 2026
⏱️ 14 minutes
🧾️ Download transcript
Summary
Today's Post - https://bahnsen.co/4vxzpNy
David Bahnsen hosts the Monday Dividend Cafe from Grand Rapids during the Acton Institute Symposium, noting a relatively quiet day that allows more market focus. The Dow rose 148 points while the S&P fell 0.37% and the Nasdaq dropped 1.33% amid weakness in communication services and mega-cap names. He highlights strong year-to-date energy performance, surprising small-cap outperformance, and argues much of the market’s gain is concentrated in AI/AI-adjacent and energy. Bahnsen cites speculative behavior in the SpaceX IPO, including extreme trading volume, limited float, and a sharp decline from recent highs. Bonds sold off with the 10-year at 4.51% and the 2/10 spread flattening to 28 bps from ~80 bps. He shares an anecdote about Allbirds rebranding to “Smartbird” to pivot to AI, covers UK political instability, Iran-US talks, pending US housing legislation, mortgage rates, Fed hike probabilities, Alan Greenspan’s death at 100, and oil falling to $75.19 as Hormuz uncertainty persists.
00:00 Welcome and agenda
01:24 Market close snapshot
02:19 Sector leadership and breadth
03:06 Small caps surprise strength
03:49 SpaceX IPO mania
06:23 Rates and yield curve shift
07:13 AI bubble anecdote
08:57 UK politics and US policy
09:59 Fed odds and Greenspan
11:08 Oil and energy outlook
12:06 Wrap up and reminders
Links mentioned in this episode: DividendCafe.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe, weekly market commentary focused on dividends in your portfolio |
| 0:06.6 | and dividends in your understanding of economic life. |
| 0:12.1 | Well, hello and welcome to the Monday edition at Dividing Cafe. I'm your host, David Bonson. |
| 0:17.9 | Coming to you from beautiful Grand Rapids, Michigan, where I will be in our office here for the |
| 0:23.4 | week and speaking several times at the annual Acton Institute Symposium, which I believe this is my |
| 0:30.1 | 16th year speaking here, very excited to be here, very excited to be with you in the Dividendon |
| 0:34.4 | Cafe because, well, for one thing, it's kind of a boring Monday. |
| 0:39.7 | And that's not to say there's not a lot going on in the world. There is. Keep in mind there |
| 0:43.4 | always is. But it just occurred to me that as I was compiling some of the updates with public |
| 0:49.3 | policy and the Fed and oil and energy markets and all the normal categories that we cover, it didn't feel to |
| 0:55.3 | me like there was an exorbitant amount and enabled me to put a little more into the market section |
| 1:00.2 | today. And I want to highlight some of those things. In keeping with the theme we've had, |
| 1:05.2 | Friday's Dividing Cafe, I asked the question, is are we at the top? Is this a moment of vulnerability with a lot of froth |
| 1:13.3 | that we see in risk assets and a little abnormal behavior? I'll let you go to the Friday |
| 1:18.4 | Dividing Cafe for the answer to that question, but even the week before around the SpaceX IPO, |
| 1:24.4 | doing a Dividendant Cafe on IPO Mania, what it reveals about certain investor behavior |
| 1:29.7 | right now. I think there's some fair amount of things in markets we can focus on, but I'll |
| 1:33.8 | cover the normal categories that we normally do as well. The market opened the Dow over 200 points, |
| 1:40.2 | and it kind of bounced around throughout the day. It got a little lower, a little higher, |
| 1:43.7 | but it closed up 148. It sort of stayed in that range around throughout the day. It got a little lower, a little higher. But it closed up 148. |
| 1:45.9 | It sort of stayed in that range most of the days. |
| 1:48.4 | So the Dow was up 29 basis points, but the S&P was down 37 basis points. |
... |
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