The DC Today - Monday, December 5, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 5 December 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
Futures opened last night down -40 points and stayed around there into the evening. This morning they pointed to a down -100 open pre-market and worsened a bit from there. The market opened down -175 points and worsened throughout the day, though it came a hundred points off the low late in the trading day The Dow closed down -483 points (-1.4%), with the S&P 500 down -1.79% and Nasdaq down -1.93%
Markets on Friday gave us the full gamut of today’s idiocy, as futures quickly dropped over -400 points upon the God-awful news that more jobs were created than expected last month and that lower-income people were making a little more than they had the year before. Then, hours later, markets finished to the upside after a day of volatile trading. Right now, consensus expectations are for $232/share of earnings for the S&P 500 next year, about 7-8% lower than what their peak expectations were but +5% higher than the $221 level of this calendar year. The best thing I can say is that if we had a recession in 2023, and earnings were up +5% on the year, that would be a rarity. The ten-year bond yield closed today at 3.58%, up eight basis points on the day. Top-performing sector for the day: Utilities (-0.60%) Bottom-performing sector for the day: Consumer Discretionary (-2.95%) Most cyclical sectors were down the most today; the most defensive sectors were down the least (but all were down)
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
Click on a timestamp to play from that location
| 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. |
| 0:15.3 | Well, hello and welcome to the extended day, D.C. Today, Monday is where I go back to our old school style and there's |
| 0:23.7 | quite a bit in the written DC Today and, you know, the normal categories we're going to cover. |
| 0:28.3 | I'll walk through it for you who have gotten accustomed to listening to the podcast watching the video. |
| 0:34.7 | But the long and short of it is that it was a definite risk off day in markets. |
| 0:40.2 | The Dow ended up on the day down 483 points, 1.4%. The S&P, though, was down 1.8 and the NASDAQ |
| 0:50.4 | down over 1.9. Pretty substantial give up. You know, you can say, well, I guess that |
| 0:56.4 | unemployment report on Friday was too good. And then the market was panicking about the Fed tightening |
| 1:03.1 | more. But of course, that came out of 5.30 in the morning on Friday. And the market did drop 400 |
| 1:08.4 | points in the futures market Friday morning. |
| 1:12.2 | It's funny, I was taping an interview for Maria Bartaromo's Wall Street week on Friday morning before the market had opened. |
| 1:24.1 | And then it's not going to air until Friday night. |
| 1:27.7 | And we had just gotten the unemployment number and the futures are down four or |
| 1:30.9 | 500 points and she's interviewing me. |
| 1:33.0 | And the tone of the questions is this thing where like when you're doing rare, |
| 1:37.1 | not live TV, you have to talk as if like there's an update, |
| 1:41.4 | but then, you know, not box yourself in because of what could change by the time it airs. I think this is the only show I've ever done that isn't live. My guys may correct me on that, but I mean, I do this show, you know, four or five times a year and we tape it Friday morning and airs Friday night. I'm used to doing it. It's a great show, by the way. |
| 2:05.0 | But anyways, it's weird when you're talking about something, knowing it's in air differently. |
| 2:13.8 | Well, sure enough, the market closed up 40 points on Friday. And then, let's see, is that right? I believe it was 40. |
| 2:19.2 | Close enough. Yeah. |
| 2:21.0 | That's right. |
| 2:35.2 | And so my point being, I watch it Friday night, and all of a sudden the way of which is edited and the knobs are turned, you know, they do a very good job because the questions I was answering were the context of being down 400, but they kind of got to rework the way it sounded as if that |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from The Dividend Cafe - The Bahnsen Group, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of The Dividend Cafe - The Bahnsen Group and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.