The DC Today - Thursday, November 17, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 17 November 2022
⏱️ 11 minutes
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Summary
Another volatile day with the Dow closing flat after being down nearly -400 points. More to say here:
MARKET ACTION Dow: -7 points (-0.02%) – had been down over -300 points at the low and -400 pre-market S&P: -0.31% Nasdaq: -0.35% 10-Year Treasury Yield: 3.76% (+7 basis points) Top-performing sector: Technology (+0.21%) and Energy (+0.12%) Bottom-performing sector: Utilities (-1.79%) WTI Crude Oil: $81.94/barrel (-4.26%) Key Economic Points of the Day:
Weekly initial jobless claims came in at 222,000 – not a big move from the week before or variance from expectations Single-family starts in new housing construction dropped to 855,000, down -6% on the month and -35% from post-COVID highs
ASK DAVID “What do you think the impact would be on the stock and bond market if the Fed formally changed their inflation target from 2% to 3%? I assume it would be risk on for equities?”
~ Mike S.
Yes, it would be. But they won’t. And they don’t need to – they basically already did in 2020 with their adjustment to the 2% standard (that is, they no longer target 2%, but rather an “average” of 2%, meaning they can let things run hot in perpetuity to “blend” to 2% depending on how the math before or after works. In other words, they gave themselves “flexibility.”
Links mentioned in this episode: 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. |
| 0:13.7 | Well, hello and welcome to the Thursday edition of the DC today. |
| 0:18.4 | The markets closed today pretty close to flat. The Dow was down |
| 0:22.8 | seven points after being down about 400 points pre-market and then even during trading hours |
| 0:31.3 | down over 300 and sort of came back. So you've had some volatility up and down all week. |
| 0:38.7 | And then some days it was up and lost it. |
| 0:41.9 | And today it was down and lost that. |
| 0:43.7 | And so there you go. |
| 0:46.1 | A few other metrics of the clothes in the market. |
| 0:49.2 | And then we'll talk about a few other things. |
| 0:51.4 | The S&P was down 31 basis points, so down a bit, but nothing significant. |
| 0:56.2 | NASDAQ right behind that at 35 basis points to the downside. The 10-year treasury yield was up |
| 1:03.5 | seven basis points, so closed at 3.76 percent, not a big day on the bond side of things. |
| 1:14.5 | The top performing sectors for the market were technology, which was only up 21 basis points, |
| 1:21.2 | and energy, which was only at 12. |
| 1:23.7 | And then consumer staples was the only other sector that was even positive. |
| 1:27.5 | It was barely up. |
| 1:28.9 | The rest were negative. |
| 1:30.0 | So on a breadth basis, more was down than up today. |
| 1:35.3 | Utilities were the worst down 1.79%. |
| 1:38.5 | And so some just kind of quirky stuff in the data. |
| 1:43.1 | Oil was actually down over 4%, largely on some stories |
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