The DC Today - Tuesday, April 9, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
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🗓️ 9 April 2024
⏱️ 8 minutes
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Summary
Today's Post - https://bahnsen.co/4aKgDaL
We traded mostly lower the entire day today but then rallied back to fair value the last hour or so of trading. Tomorrow we have CPI out, and with a lack of other meaningful economic data today and right before earnings season heats up later this week, markets were mixed in anticipation. Bonds did rally across the curve giving back some of the back up in rates we have seen the past few sessions with the 10-year down 6bps.
With earnings season set to start this Friday, a quick recap of where expectations lie: 3% revenue growth, 5% earnings growth on the quarter with a big up tick in Utility (believe it or not) earnings growth up 18%. For the year we are still looking at roughly $243 per share on the SP500 or about 10% growth from the previous year. Sectors where the bar on expectations is set fairly high at this point are in technology and communications, with Energy and Materials the opposite so it will be interesting to see where markets price the actual results in comparison.
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. |
| 0:14.5 | Welcome to DC today. It is Tuesday, April the 9th. And for all of you, Yukon fans out there, congratulations on your victory last night. |
| 0:26.7 | Today we had kind of a quiet day really in markets in the economic calendar and then also in trading. |
| 0:33.9 | Although for most of the day, the market was lower. You know, we were down, I call it 200 points for most of the day, the market was lower. We were down, call it 200 points for |
| 0:40.8 | most of the day. We sort of worked our way back up and then right about an hour before close |
| 0:45.8 | worked our way all the way back to fair value. In fact, the Dow only closed down nine points and |
| 0:51.0 | the S&P of the NASDAQ both actually finished positive on the day. So some |
| 0:56.0 | late day recovery. And I think part of it was tomorrow we've got more data out. We've got a |
| 1:01.9 | CPI number that'll be out tomorrow that the market's waiting. And then we've we've got earnings now |
| 1:07.0 | that are kicking in for Q1. And so far, so so good although they've just started to come out but |
| 1:13.0 | I think the market sold off in some anticipation and then just sort of recovered through the |
| 1:18.0 | end of the day again quiet day in the economic calendar so not a lot of data out but yields or bonds |
| 1:24.7 | rallied a bit across the curve. We had yields come down. |
| 1:30.0 | Tenure was down six bases points, closed at 436. |
| 1:32.4 | So there you have it on the market recap. |
| 1:37.7 | I put a section in there talking about just because earnings season is now upon us, |
| 1:39.7 | what the expectations are. |
| 1:42.8 | Revenue growth is seeing at about 3%. And then earnings per share EPS is looked at as is, |
| 1:46.7 | is growing at 5%. So those are the estimates for the quarter. For the year, we're looking at about |
| 1:54.2 | 243, 244 and the S&P as far as the earnings per share, which is a growth amount from previous year of about 10.5%. |
| 2:03.3 | So earnings are expected to be good this year. |
| 2:05.8 | And my comments were, you know, sometimes the bars get set at certain levels. |
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