The DC Today - Monday, November 28, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 28 November 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
Market Action
Futures opened last night down -50 points or so and were down -160 points into the evening. This morning they were pointing to a down -200 point open pre-market. It is safe to say embedded in market action today is come “catch up” after last week where Wednesday is always a “low participation” day, Thursday saw markets closed for the holiday, and Friday is a token open day where markets close three hours early. The market opened down -50 points and just steadily worsened throughout the day. The Dow closed down -497 points (-1.45%) with the S&P 500 down -1.54% and the Nasdaq down -1.58%.
The market’s challenges today were clearly related to concerns about the supply chain and some contagion effect around the disruptions in China (see Top News Stories below) The ten-year bond yield closed today at 3.67%, down two basis points on the day Top-performing sector for the day: Consumer Staples (-0.31%) Bottom-performing sector for the day: Real Estate (-2.80%) There is a lot to be said on the crypto/FTX implosion of the last couple weeks, and I believe even more will be said in the weeks ahead. BlockFi, another large crypto exchange, has now filed for bankruptcy as well
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. |
| 0:15.1 | Well, hello and welcome back to the DC today. It feels like forever since I last recorded one, even though it's actually not been all that long. But with the shortened Thanksgiving week behind us, we're back in action in the Newport office. |
| 0:32.9 | It was a very heavy day of trading here at the Bonson Group, a couple hundred million dollars of |
| 0:39.0 | trading activity around some of our tax loss selling. And perhaps others are doing some |
| 0:45.6 | tax harvesting as well. You did have a downward move in markets today, although I think |
| 0:50.8 | that the number one news story of the day is really more behind some of the |
| 0:56.0 | downward momentum in stocks, which is these protests breaking out all over China in opposition |
| 1:02.7 | to their just preposterous ongoing zero COVID policy and the various attempts to continue |
| 1:10.7 | locking down society. And now they're starting to continue locking down society and now they're |
| 1:12.5 | starting to get some civil resistance. |
| 1:14.9 | And why do American markets care about that? |
| 1:18.9 | Well, you know, there's a lot of reasons why people may care politically, socially, |
| 1:23.9 | culturally, ethically, humanly. but no markets are responding to the potential |
| 1:32.0 | of contagion, primarily around the supply chain, the notion that things that are going to |
| 1:39.0 | possibly dampen supply chain activity in China could create problems outside of the borders of China. |
| 1:48.1 | Now, of course, the opposite possibility exists as well, which is that some of the events |
| 1:53.8 | going on in China are headed towards a conclusion that will be less lockdown oriented and more open and therefore enhance more |
| 2:05.9 | activity on the supply chain and global contagion economic circumstances. |
| 2:12.1 | But that remains to be seen right now. |
| 2:13.8 | It's certainly enhanced volatility over the weekend and today in market hours. |
| 2:19.3 | So, you know, futures last night were only down 50 or so when the markets futures first opened. |
| 2:25.2 | By the time I went to bed, they were down 150 or so. |
... |
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.