The DC Today - Thursday, August 3, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 3 August 2023
⏱️ 12 minutes
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Summary
Today's Post - https://bahnsen.co/3QoFycQ
Saudi put a further stake in the ground on extending production cuts, and oil jumped over +2.5% as a result (nearing $82 WTI). Again, they cite the silliness of SPR not making any moves to refill (something I spoke about on CNBC last night).
Other than 2008 when the world was ending, 2022 and 2023 have seen the highest bond volatility since the 1980’s. This year has actually seen more days of > 10bp moves in two-year treasury yields than even last year did!
The higher yield levels in the long end of the curve are the story of the week in financial markets, for sure, though. The 10-year is not back to the 4.35% high it saw last year but it is comfortably over 4% again.
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. |
| 0:14.8 | Well, hello and welcome to the Thursday edition of DC today. We continue to slog on through this week. |
| 0:21.4 | It actually ended up being kind of a boring day in markets in terms of net closing levels |
| 0:27.1 | and all the major market indices after yesterday's selloff. |
| 0:32.1 | What I want to do today is kind of go through today's market action quickly. |
| 0:36.7 | There's a number of things I do want to cover. |
| 0:38.7 | So I'll get through all that and then I'll come back to kind of a bigger little issue. |
| 0:42.7 | I kind of wanted to talk about just for a moment. |
| 0:44.5 | I'll leave in suspense. |
| 0:46.3 | Obviously, it's worth continuing to listen for or I wouldn't set it up this way. |
| 0:51.5 | So that carrot is being dangled on purpose. |
| 0:56.3 | The Dow was down 66 points today. |
| 1:01.4 | The NASDAQ was down just 10 basis points, S&P 25 basis points. |
| 1:07.1 | So, you know, all three indices were kind of just down 10 to 20 base points somewhere around there. |
| 1:12.5 | Not anything substantial market. |
| 1:15.0 | The Dow had been down quite a bit more. |
| 1:16.5 | I think it was down 150 at the low, but it may have been worse than that. |
| 1:20.6 | So nothing severe, but it ended up kind of being reasonably benign on the day. |
| 1:25.4 | I can't say the same for the bond market, though. The long end of |
| 1:29.1 | the bond curve has been pummeled, and the short end really is not. It actually, the yields were |
| 1:35.6 | down even a little more today on the short end. So you've got a tiny bit of rally, the shorter end, |
| 1:40.5 | and you've had yields moving higher on the long end. And so you're supposed to call |
... |
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