The DC Today - Monday, January 9, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 9 January 2023
⏱️ 17 minutes
🧾️ Download transcript
Summary
Futures opened last night up +40 points and were up over +80 points by bedtime. This morning futures pointed to a +100-point open pre-market. The market opened up +150 points and got up over +300 points before falling just over -100 points. A 450-point delta between the high and low levels today … The Dow closed down -113 points (-0.34%) with the S&P 500 down -0.08%, and the Nasdaq up +0.63% as Tesla and the chip sector rallied substantially.
The massive rally Friday saw 7-to-1 advancers to decliners, fairly solid breadth. The top 20% of companies paying out cash dividends as their primary cash outlet were down -2.7% last year compared to the top 20% of companies doing the highest stock buybacks (which were down -13.3%). This is comparing apples-to-apples – top performers compared to top performers by their primary cash outlet vehicle. The ten-year bond yield closed today at 3.53%, down 4 basis points on the day. Top-performing sector for the day: Technology (+1.09%) Bottom-performing sector for the day: Health Care (-1.66%) Revenue growth is expected this year in each sector of the S&P besides Utilities and Materials (and a very slight top-line revenue decline is expected in Technology). The more significant factor will be margins and where overall profit levels come in, though if earnings are revised downwards as time goes on, I suspect it will have more to do with lesser-than-expected revenues than it will have lesser-than-expected margins.
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. |
| 0:15.8 | Well, hello and welcome to the DC Today. I feel like things are kind of normal now. It's an actual Monday. |
| 0:22.3 | We have the longer form DC today. |
| 0:25.4 | It's a full market week, you know, in terms of the calendar. |
| 0:29.6 | And so through all the sort of abnormalities of the holiday season, it does feel like things are normalizing a bit. |
| 0:36.8 | I'll start with a little reminder |
| 0:39.3 | to ask you to subscribe to the podcast, if that's what you want, if you want to receive the podcast |
| 0:45.4 | regularly, as opposed to getting the email all the time and clicking to it. It does help us |
| 0:51.3 | if you subscribe with your podcast player of choice. |
| 0:55.2 | And certainly if you're watching the video, it helps if you'll subscribe on YouTube. |
| 1:00.3 | And by the way, also throw a little thumbs up ranking deal there that is beneficial for those numbers. |
| 1:07.9 | But beyond that brief commercial, it was a weird day of markets. |
| 1:12.1 | And, you know, we've only been open for five market days so far this year. |
| 1:16.2 | And we've had quite a few weird ones. |
| 1:18.5 | The futures last night, when they opened as were in the midst of all, you know, football |
| 1:24.0 | and everything like that, they were up a bit, which was somewhat surprising after the massive rally day over 700 points from Friday. |
| 1:32.1 | And then futures actually continued to go up into the evening. |
| 1:35.5 | And I believe by the time I went to bed last night, they were up, what was it, 82 points, 82 points when I went to bed. |
| 1:42.6 | And this morning up very early, they were up another hundred. |
| 1:47.0 | So then the market opened up 150 or so and got up as much as 300 points. |
| 1:54.4 | It closed down 112. |
| 1:57.6 | But most of that was happening throughout the last, like let's call it, two-thirds of the day. |
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