The DC Today - Thursday, November 30, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 30 November 2023
⏱️ 7 minutes
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Summary
Today's Post - https://bahnsen.co/4115jTU
A BIG divergence today between the more value oriented DOW which jumped 520 points today, and the more technology heavy Nasdaq down .23% as interest rates broke the trend and rose today. Coincidently, I wrote yesterday about the sensitivity in the part to the market that has had the most multiple expansion tethered to falling rates as having potential for disappointment. Both PCE inflation data coming out in-line with expectations and a stronger growth print in the Chicago PMI’s moved rates up today as much as yesterdays decline in continued bond market volatility.
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. |
| 0:13.0 | Hello and welcome to DC today. It is Thursday, November, the 30th, so the day before the first day of December. We had a great day in the market today. |
| 0:22.0 | Actually, for the Dow, the Dow was a 520 points on the day, big move up and just sort of melt it all the way into the close. |
| 0:28.0 | We closed right at the highs of the session. And it was a big divergence today between basically value stocks and growth stocks. |
| 0:34.7 | The NASDAQ was actually down on the day. And I wrote yesterday a little bit |
| 0:37.9 | coincidentally, just about the sensitivity to a part of the market that's really just had the most |
| 0:43.2 | multiple expansion and run up with the fall in interest rates, which is tech, which is fine. |
| 0:48.8 | But we sort of saw that come off today. Rates moved a little higher. A couple of reasons. |
| 0:53.4 | We had an inflation read on |
| 0:55.2 | PCE that came in. Basically in line, headline was actually a little bit lower. We were expecting |
| 1:00.9 | 0.1. We got a totally flat number for the month, which put the year about 3% flat versus 3.1 |
| 1:07.0 | expected. So headline, including food and energy, was actually a little bit better than |
| 1:11.3 | expected, a little lower inflation. Core, which is really what the Fed pays intention to you, was right in line. |
| 1:16.9 | It was at 0.2% on the month, which is what we expected, and then 3.5% year over year. So not quite 2% |
| 1:24.0 | yet, but getting there really fast. And we've written about this a whole lot and spoken about it. |
| 1:29.7 | But if you took out and normalized the owner's equivalent rent inside of that, |
| 1:33.9 | you'd really already be in the twos. |
| 1:35.6 | So I think the Fed knows that, obviously, as we do. |
| 1:38.5 | And that's why you're getting a lot of these Fed speakers and officials, |
| 1:42.0 | basically just saying they're restrictive enough at this point. |
| 1:44.9 | And Fed futures point until when things will be cut, not when the next increase will be. |
| 1:49.4 | So all that to say, I had a little piece in there I thought was interesting. |
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