The DC Today - Tuesday, April 16, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 16 April 2024
⏱️ 10 minutes
🧾️ Download transcript
Summary
Today's Post - https://bahnsen.co/3Q5001u
A mixed day of trading between positive and negative all morning and right into the market close with the Dow slightly higher and both the S&P 500 and Nasdaq just below fair value. Rates continue their move higher, with the 10-year up 4 bps and now at the 4.66% level. So aside from what so far has been a tougher start to the second quarter, a few things to keep in mind:
Rates and Fed futures have reset higher based just as much on stronger-than-expected good things in the economy, such as earnings growth, GDP, and employment, as they have on inflation expectations.
We are still only 4% from all-time highs in the S&P 500 when the historical intra-year drawdown is more like 14% on average. So, yes, markets are down a little here, and volatility is up with higher rates, but keep in mind this is pretty run-of-the-mill market consolidation at most at this point.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
Click on a timestamp to play from that location
| 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. |
| 0:14.0 | Hello, all. Welcome to D.C. today. It's Tuesday, April the 16th. And if you made it through your tax filing deadline or at least payment deadline unscathed, then congratulations. |
| 0:26.5 | And welcome to a less stressful day. |
| 0:30.1 | Markets were quite mixed today. |
| 0:32.8 | The Dow actually did eke out again. |
| 0:34.7 | We closed up 63 points. |
| 0:36.2 | Both the NASDAQ, though, and the SMP 500 were |
| 0:39.2 | negative on the day. Just not a lot, you know, 10, 20 basis points on the day. So kind of a mixed day |
| 0:46.8 | with a few pieces of economic data out on the day. But still, you know, its interest rates continue to, you know, move in that upward direction. |
| 0:57.5 | So we had 10 year up four basis points now at 466. |
| 1:02.1 | Forever we were looking at that range of, you know, 425 to 435. |
| 1:06.4 | And so now we're meaningfully above that. |
| 1:08.5 | Fed futures, just as we wrote yesterday, our pricing in maybe two |
| 1:13.1 | cuts this year instead of the three. And then Jerome Powell, actually, in a central bank forum today, |
| 1:19.6 | was talking about, you know, they'd been telegraphing that they were waiting for more confidence. |
| 1:24.4 | They wanted to see numbers come through to give them confidence they were going to 2% before they would start cutting rates. And he said, not only are we not getting more |
| 1:32.5 | confidence on that. And it wasn't in such a bad way necessarily, but it was just, you know, |
| 1:38.0 | we're going to have to keep rates a little longer the way they are. And we'll still end up |
| 1:41.9 | lowering them. But the good news is that the economy and the fundamentals are such that, you know, |
| 1:46.6 | we don't see it as an issue just part of the process. |
| 1:50.4 | So take that for what it is. |
| 1:52.9 | But as far as the economy goes today, industrial production was unchanged on the month. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from The Dividend Cafe - The Bahnsen Group, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of The Dividend Cafe - The Bahnsen Group and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.