The DC Today - Tuesday, November 29, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 29 November 2022
⏱️ 14 minutes
🧾️ Download transcript
Summary
An interesting but not especially noteworthy day in markets today, and we have all the commentary you need right here
MARKET ACTION
Dow: +3 points (+0.01%) S&P: -0.16% Nasdaq: -0.59% 10-Year Treasury Yield: 3.75% (+5 basis points) Top-performing sector: Real Estate (+1.71%); Energy +1.28% Bottom-performing sector: Technology (-0.98%) WTI Crude Oil: $78.64/barrel (+1.81%) Key Economic Point of the Day:
The Case Shiller Housing Index dropped for the third month in a row, now down -13% since August. ASK DAVID “How fair is it to compare the relationship between FTX and Alameda Research to the relationship between the U.S. government and the Federal Reserve? Alameda was using client money to buy up FTX’s token (FTT) in order to bolster the price of the FTT. How much different is that from the Fed using taxpayer money to buy US treasuries?”
~ Marty
There are a few pretty substantive differences worth noting. First, the Fed doesn’t actually use taxpayer money to buy treasuries, though it is taxpayer money that is being paid back to the Fed (that is what a Treasury bond is). But the main difference is that the Treasuries on the Fed’s balance sheet are backed by the full faith and credit of the U.S. government, and no principal or interest payment has been missed in nearly 250 years. Alameda was backed by FTT, which is worth less than a beanie baby.
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. |
| 0:15.8 | Well, hello and welcome to the DC today. We have closed out Tuesday, November 29th. We now have |
| 0:22.9 | one day left in the month of November. And then, of course, we enter the final month of the year |
| 0:30.0 | on Thursday. It'll be December the 1st and then we'll be in the real home stretch. Today, |
| 0:37.4 | it kind of seems, I guess, |
| 0:39.1 | like a pretty boring day in markets. At the end of the day, the Dow closed basically flat. |
| 0:45.3 | It was up.01 percent, three points. So yeah, I mean, a dead flat day. At one point it was down, let's see, I believe down as much as 200 and up as much as 80. |
| 1:00.6 | And so you had a 280 point swing, not a ton compared to, you know, the real volatile days. |
| 1:08.2 | The S&P was down 16 basis points on the day and the NASDAQ was down 59 basis points. |
| 1:15.2 | So that goes along with our worst performing sector day was technology, which was down 1%, some continued |
| 1:22.3 | pressure on some of the big cap fang type names. The best performing sector was real estate, |
| 1:29.4 | which I believe was the worst performing sector yesterday, |
| 1:32.1 | and it was up a whopping 1.71%. |
| 1:34.7 | And then energy was up 1.28% oil was up 1.8% on the day, |
| 1:42.0 | closing close to $79 a barrel. So you had a kind of, you know, |
| 1:48.5 | high dispersion of results among sectors today. Actually, um, the 10 year bond yield was up five |
| 1:53.9 | basis points, uh, to 3.75%. So still, um, you know, quite a bit lower than we have seen, but nevertheless, |
| 2:03.3 | up a tiny bit today in the bond yield. I want to make a point about what I think is the |
| 2:09.2 | consensus view as to what was the cause of yesterday's volatility. And I'm fine with that |
| 2:16.0 | consensus conclusion that the protest throughout China and the tension around stricter lockdown policies, some of which were getting downright militaristic and totalitarian. |
| 2:29.4 | Imagine that. Somehow militarism and totalitarianism being involved with locking down a society. |
| 2:38.3 | But nevertheless, the issue of market volatility around China, I guess I want to offer a little |
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