The DC Today - Tuesday November 1, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 1 November 2022
⏱️ 13 minutes
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Summary
MARKET ACTION
Dow: -80 points (-0.24%) S&P: -0.41% Nasdaq: -0.89% 10-Year Treasury Yield: 4.04% (-3 basis points) Top-performing sector: Energy (+0.99%) Bottom-performing sector: Communication Services (-1.81%) WTI Crude Oil: $88.57/barrel (+2.36%) Key Economic Points of the Day:
ISM Manufacturing fell to 50.2, just barely in expansion mode, and the weakest figure since May 2020. New Orders and Backlogs reflected contraction, and only 8 of 18 sectors saw growth on the month. But … Job Openings went HIGHER in September, coming in at 10.7 million (almost a million higher than the 9.8 million expected)
Links mentioned in this episode: 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. |
| 0:14.9 | Well, hello, and welcome to the DC today. It is Tuesday, November the 1st. I hope you all had a wonderful Halloween. |
| 0:22.8 | I've been on an airplane all day and just walked into my hotel. I'm in Grand Rapids, Michigan. |
| 0:27.8 | I'm speaking at the Acton Institute's Poverty Summit tomorrow. And I'll be flying back very early Thursday morning, |
| 0:34.7 | another one of these little 24-hour trips. but a full day on the market and a few |
| 0:40.0 | economic things I want to go through. |
| 0:42.4 | Tomorrow is Fed Day. |
| 0:44.4 | And so we'll start with where I normally end, which is the on-deck issue. |
| 0:49.7 | I'm actually kind of surprised at some of the volumes and activity in markets. |
| 0:56.0 | I suppose part of it is that the futures market is so clear. |
| 0:59.7 | They're going to hike by three quarters of a point tomorrow. |
| 1:02.6 | But it's been a while since we had a Fed day where there wasn't a volatility, a lot of volatility. |
| 1:07.3 | And that's gone in different ways. |
| 1:10.6 | You've oftentimes had the market up when |
| 1:13.0 | the Fed's announcing and then down the next day. You've had it down as the Fed announced and then up |
| 1:18.5 | the next day or the day after. It's gone a few different ways. And I've made the point several |
| 1:23.5 | times this year. I want to continue to make it. What happens in the immediate aftermath of the Fed announcing or the next day has nothing to do |
| 1:31.0 | with the market responding to this incredibly surprising economic news. |
| 1:35.9 | The one thing I'll grant as reasonably, I should say not surprising, but not priced in news, |
| 1:44.1 | was the Fed speech in August that Chairman Powell gave at Jackson Hole, which upon the reflection of the market was gathered to mean, okay, they really are going to go. |
| 1:54.6 | Another 100 basis points than was previously thought by the market, by the futures, by the bond market, and by myself, |
| 2:03.0 | which would be the least important of those, that list of market responders. |
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