The DC Today - Thursday, April 18, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 18 April 2024
⏱️ 9 minutes
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Summary
Today's Post - https://bahnsen.co/3w8tK6R
Somewhat of a repeat of yesterdays market action with a positive morning failing to hold momentum and falling off into the close in more consolidation in markets around rates. We did eek out a small gain on the Dow, but the SP500 closed slightly lower for the fifth session in a row. The 2-YR Treasury is back to YTD highs at just under 5% and 10-YR was up 5 bps today to 4.63%. For what was on the docket today in the economic calendar, mostly good news. Jobless claims, existing home sales and manufacturing data all modestly ahead of expectations, but it just wasn’t enough to keep the momentum on the day. There isn’t a lot of economic news for the remainder of this week, and most eyes will be on the PCE figures out next Friday.
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 |
| 0:06.8 | through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:14.7 | Welcome to this Thursday's edition of DC Today. Today is April the 18th, and it's great to be with you. |
| 0:22.9 | We had positive or a slightly positive day on the Dow at least. We closed 24 points higher, but really the market was up, |
| 0:28.4 | you know, much more in the morning. And we kind of the same groundhog day as yesterday, |
| 0:33.2 | which is we were up in the morning and then we sort of gave way through most of the trading |
| 0:37.0 | session. We did close most of the trading session. |
| 0:42.8 | We did close off of the lows, but just eeked out a tiny gain, basically fair value on the Dow. |
| 0:46.6 | Both the S&P and NASDAQ were negative on the day. |
| 0:50.3 | The S&P has been lower now five days in row. So that's the longest of the year so far in 24. |
| 0:53.8 | Although the down days really haven't been all that much either. So it's the longest of the year so far in 24. Although the down days really haven't |
| 0:55.9 | been all that much either. So it's just sort of consolidating is what I've written about several |
| 1:00.3 | days now. We had some initial jobless claims data out today, same as it's been for several months. |
| 1:07.7 | It's a 212 versus 215 expected. So slightly better, but, you know, continued |
| 1:12.6 | strength and employment is a good thing. So we'll take that. The Philly Fed News or Philly Fed |
| 1:20.8 | Manufacturing Index today came out much better than expected, actually. It was a positive 15 number. |
| 1:26.4 | I don't expect you to really know necessarily what that means, |
| 1:29.4 | but just understand that compared to a negative 0.5, |
| 1:32.8 | which was what was expected, |
| 1:34.4 | it was a much, |
| 1:35.1 | much stronger than expected manufacturing data in that region. |
| 1:38.1 | And those things are good. |
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