The DC Today - Monday, August 14, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 14 August 2023
⏱️ 16 minutes
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Summary
Today's Post -
Economic Front
Producer Prices were up +0.8% year-over-year in July (yes, less than 1%). Prices for intermediate processed goods are down -7.8% versus a year ago.
The University of Michigan Consumer Confidence Index came in at 71.2 on the month, down a whisker from last month’s 71.6 but up a good deal from the June print of 64.4
I did get a fair amount of inquiry about the news that total U.S. Credit card debt had exceeded $1 trillion last week. That the total number goes up and down year by year is actually the new news, since from 1958 to 1990 it only went up every single year without exception. But people do not realize – throughout the pandemic $150 billion was paid off the balances of U.S. credit card holders (I am sure some of this was use of stimulus money, and some was re-financing mortgage debt at historically low rates). Income and assets have grown more than credit card debt for those who hold the bulk of U.S. credit card debt. And most importantly, debt service payments as a percentage of household income sits below 10% right now. it had been over 13% prior to the financial crisis.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:14.4 | Well, hello and welcome to the Monday edition of DC Today. |
| 0:18.7 | This is one of those rare times. I was thinking about this. If it's the second, it might be the third time ever where I'm recording just before the market is closed. I know I did it in Washington, D.C. actually, a month ago, but I'm not sure if it's ever happened other than that. But the reason is just that as I'm literally sitting here recording, it's 10 minutes until the market |
| 0:37.6 | close, but I have to go into a meeting right at 1 o'clock. So I'm doing this now. And, you know, |
| 0:43.6 | maybe the market will go up 500 points in the last five minutes or it'll go down a thousand points or |
| 0:48.9 | something. But I don't think so. I think we kind of have a general feel for where we are in the |
| 0:52.7 | day. And if anything goes off from |
| 0:54.9 | there, then it's just simply because of trying to record a few minutes prematurely. The data, |
| 1:00.5 | the numbers, the closing figures in the written DC today will all be the final ones. And there is, |
| 1:07.5 | as is often the case Monday, a full lengthlength D.C. today covering our normal categories. |
| 1:13.2 | And I just figured I'd go through some of that content with you right now. |
| 1:18.6 | You know, the futures opened up last night, Sunday, up about 40 points. |
| 1:23.0 | And by the time I went to bed, they were down 80. |
| 1:25.6 | And then they were up about 50 points at 3.30 in the |
| 1:30.2 | morning Pacific time. Then the market opened down 100 points. And as we sit here right now, the |
| 1:38.7 | Dow is down, about 40. The S&P is up about a third of a percent and the NASDAQ is up about 0.8%. |
| 1:47.6 | You're having a good day in some of those big tech companies that have been struggling |
| 1:51.1 | lately. |
| 1:52.1 | So markets, you know, from a Dow standpoint, it's kind of within the last 24 hours, |
| 1:58.1 | has been anywhere from down 100 to up 100 and everywhere sort of in |
| 2:02.1 | between. Not a lot of movement, not a lot of excitement. We're on the other side of the |
| 2:07.0 | bulk of earning season. We're on the other side of CPI. You're a good six weeks still from |
... |
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