The DC Today - Thursday October 20, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 20 October 2022
⏱️ 14 minutes
🧾️ Download transcript
Summary
Trevor Cummings here, and I am honored to be joining you for the third day in a row. As mentioned yesterday, David Bahnsen will be back tomorrow with his weekly commentary – Dividend Cafe. Additionally, I invite you to subscribe to my weekly writings at thoughtsonmoney.com. Now, off to the updates from this busy Thursday market day…
Dow: -91.01 (0.30%) S&P: -0.80% Nasdaq: -0.61% 10-Year Treasury Yield: 4.232% (+10.3 basis points) Top-performing sector: Communication Services (+0.36%) Bottom-performing sector: Utilities (- 2.51%) WTI Crude Oil: $85.71/barrel (+0.19%) Key Economic Points of the Day: • Liz Truss has resigned as U.K. Prime Minister ◦ This was the shortest tenure in British history ◦ Note, her Finance Minister was dismissed from his post after just 38 days • Jobless claims came in at 214,000 on an expectation of 230,000 ◦ The impacts of Hurricane Ian on the data looked to be much lighter this week ◦ The total number of people collecting unemployment benefits sits at 1.39 million, near a 50-year low ◦ In simple terms, the labor market remains tight • As to be expected, U.S. existing-home sales were down ◦ The figures came in at 4.7 million, nearly on the dot with expectations ◦ This is eight consecutive months of decline and, when compared to September 2021, a slide of 23.8% ◦ Reminder, mortgage interest rates are skyrocketing, the general population is on edge regarding inflation and recession, and this combination of anxiety and affordability is slowing down activity • The Philadelphia Fed manufacturing index published today ◦ This regional look is meant to give a sneak peek at what the national ISM data might look like next month ◦ the numbers came in at -8.7 on an expectation of -5 (note, any number below 0 represents declining business conditions)
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:10.0 | Hello and welcome to DC today. I've been with you three days in a row and it has been an honor. |
| 0:20.0 | I just want to thank everyone for their kindness. |
| 0:23.0 | I've gotten more emails than I can imagine of just super encouraging words, so I appreciate that. |
| 0:28.9 | You will have David Bonson back tomorrow, his written, his weekly Dividing Cafe, so hopefully |
| 0:34.2 | you enjoy that, and I'm sure I'll be filling in in the future. One thing I want to |
| 0:38.9 | start with today, there's a lot of data points to go over, but I got a really good question. |
| 0:43.7 | I think it was last week or maybe the week before where somebody, and I love these type of |
| 0:48.7 | questions because they're so simple. They're so direct. And you have to slow down and think, |
| 0:56.2 | okay, what's the right answer? |
| 1:01.2 | I guess. So the question was this, it's like, hey, if you guys are really long-term investors, |
| 1:07.2 | why are you so interested or so passionate about current events and what's happening every day? |
| 1:12.2 | And I was like, wow, that's an incredible question. And I could see how somebody at first glance would think that those things are at odds and there would be some sort of tension between |
| 1:17.0 | them. But let me kind of help you out. So I think what our responsibility is to have a pulse on |
| 1:22.8 | what's going on in the markets, partly just so we can inform our clients so that they have some sort of, |
| 1:30.2 | what would you, what word would you use? Faith or confidence that were engaged. We understand |
| 1:34.7 | what's going on. I've seen both sides of it. I've seen where folks dive too deep into the granular |
| 1:41.2 | and there's not a lot of application, but I've also seen the other side where |
| 1:45.1 | I find financial advisors just say, hey, it's all going to be good in the long run, hope for the |
| 1:50.5 | best, and we're long-term investors, so we're good to go. We try to sit in the tension. We look at |
| 1:56.0 | what's happening daily, and here's where I think you definitely need to understand is not every data point is |
| 2:02.6 | going to be something that's actionable. And that's just a reality. But I can take you through the |
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