The DC Today - Tuesday, June 20, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 20 June 2023
⏱️ 9 minutes
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Summary
Today's Post - https://bahnsen.co/3JpIamG
Greetings from Grand Rapids, Michigan where I spoke at a large economics symposium today, and where I will be for the next couple of days before returning to NYC on Friday. As is my intention on most weeks with a Monday market holiday, this Tuesday DC Today is basically being done with the old school “Monday style.”
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. |
| 0:14.0 | Well, hello and welcome to the Tuesday edition of DC today. I have just literally run back into my hotel room, just got done giving a speech at a symposium in beautiful Grand Rapids, Michigan. |
| 0:28.6 | And I was able to put together a full DC today, the Monday style today. So if you read the written DC today, you'll see all the normal market action and |
| 0:38.4 | update on the Fed and public policy and all the things. I'll try to cover as many of them as |
| 0:44.2 | possible, but with the kind of later hour, I'm going to be going a little quicker than normal, |
| 0:48.5 | just kind of the way the schedule stuff of everything is unfolded today. The market was down |
| 0:53.7 | 245 points today, |
| 0:56.5 | which was 0.7%. The S&P was down just 0.47, and then the NASDAQ was only down 0.16. |
| 1:05.2 | So not a super big move in broader markets down a little bit more. |
| 1:10.5 | The bond market rallied quite a bit. |
| 1:12.3 | You had the 10 year yield down 10 basis points from 3.81 to 3.71 percent. |
| 1:19.4 | So good move higher in bond market. Stocks either kind of flattish or mostly lower, |
| 1:27.4 | but the consumer discretionary sector was the only |
| 1:30.3 | sector that was actually up and energy got hit, you know, the most down over 2%. So that was sort of |
| 1:38.0 | the day in the market. The bigger issue I would say is that the 10 year is kind of the big story |
| 1:42.3 | right now. It's been a long time since it's |
| 1:44.5 | been over 4%, and yet it also didn't want to stay down below 3.5. So it seems to have found a |
| 1:50.9 | comfort zone here in between 3.5 and 4%. And I think that the bond yields inability to go higher |
| 1:58.6 | than 4% does likely dictate the overall direction of equities. |
| 2:05.4 | If the bond market were to sell off to where yields moved above four, then I think that |
| 2:11.1 | you'd see a correlation with stocks and bonds positively resume and probably get a little end of this equity rally. |
| 2:20.2 | But if the longer end of the bond curve is able to hold of the yield curve is able to hold |
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