The DC Today - Tuesday, May 9, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 9 May 2023
⏱️ 8 minutes
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Summary
Today's Post - https://bahnsen.co/42ACgWM
The total amount of commercial bank deposits that have left the banking system since the Fed began hiking rates is now just shy of $1.1 trillion. Money market mutual funds have taken in $751 billion.
Of the total aggregate move higher in the S&P 500 so far this year, 93.5% of it has come from the 20 largest companies in the index, with 6.5% coming from the remaining 480 companies. This is not the stuff sustainable market moves are built on.
CPI comes tomorrow along with more hand-wringing on the debt ceiling. Good times …
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. |
| 0:13.9 | Hello and welcome to the Tuesday edition of the DC today. We are all looking forward to the CPI number tomorrow Wednesday morning before market |
| 0:24.8 | opens in the meantime today the Dow was down a little bit it was kind of up and then flat |
| 0:30.4 | and then up again in the last 20 minutes went down but it was down 0.17% on the day 50 plus |
| 0:36.6 | points the S&P was down a little bit more, half a percentage |
| 0:40.8 | point, and the NASDAQ was down about 0.63%. Technology was the second worst performing sector |
| 0:49.4 | of the day. It was down 85 basis points. Materials were the worst, down 93. The best was industrials, but only up 17 basis points. Materials were the worst down 93. The best was industrials, |
| 0:56.4 | but only up 17 basis points. So you had a few sectors that were up barely and then a little |
| 1:02.8 | bit more pulling down. The bond market was totally flat on the day. The 10 year didn't move at all. |
| 1:07.0 | The yield closed at 3.52%. Oil was up a little bit more again, about 50 cents a barrel |
| 1:14.5 | closing at 73 and a half. That's about it for markets. From a economic standpoint, last night, |
| 1:24.0 | I did read the report on China reporting their quarterly export growth was up |
| 1:29.5 | eight and a half percent year over year. |
| 1:31.5 | They had been expected to be up seven percent plus change. |
| 1:35.4 | So you had better than expected growth on China's exports, starting to see a little bit |
| 1:40.3 | of evidence of the China reopening coming to fruition in terms of a little bit better |
| 1:46.8 | economic data and activity. |
| 1:48.2 | It's been slow going out of Q1, but a little pickup there on exports. |
| 1:53.7 | NFIB, which measures the small business optimism, that index did report its lowest level in over 10 years since 2013. |
| 2:04.1 | And it wasn't down much from last month. |
| 2:06.8 | So it's just been sort of a slow drip down for a little while. |
| 2:10.2 | But each category was lower, but barely. |
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