The DC Today - Tuesday October 25, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 25 October 2022
⏱️ 12 minutes
🧾️ Download transcript
Summary
We notched a third day of gains in markets today, up now 11% on the S&P from the intra-day lows a few weeks ago in a broad-based rally in both stocks and bonds, and I have plenty to go around the horn in my video and podcast links below. I have also sprinkled in a few takeaways from over 20 portfolio manager meetings last week in New York to add to your listening pleasure. Take a listen, and reach out to me, Brian Szytel, with questions.
Market Action
Dow: +337 points, +1.07% S&P: +1.63% Nasdaq: +2.25% 10-Year Treasury Yield: 4.10% (+ 13 basis points) Top-performing sector: Real Estate +3.94% Bottom-performing sector: Energy -.05% WTI Crude Oil: $84.92 barrel +.40% Key Economic Points of the Day:
Consumer sentiment came in lower than expected at 102 versus expectations of 105. The Richmond Fed index came in weaker than expected today at -10. The US Dollar was lower on the day by about 1%, along with interest rates across the yield curve that both aided today’s equity rally. Terminal Fed Funds Rate shown ending north of CPI in all of the last rate tightening cycles is shown below. Today we are at 3.3% versus 8.2%, and while those rates will likely converge, we just aren’t there yet folks…
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
Click on a timestamp to play from that location
| 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. |
| 0:14.8 | Well, hello, and welcome to today's DC Today. My name is Brian Saitel. It's Tuesday, the 25th, here in Newport Beach |
| 0:23.0 | office and kind of a nice upmarket day to kind of go through with you a little bit and come back |
| 0:28.3 | from our trip from New York City last week, where we do every year, sort of a 20-plus manager |
| 0:34.6 | meeting type of marathon, trip together to kind of go through, go through positions, |
| 0:39.2 | go through the managers that we work with. And so I'll have a little bit of a couple of takeaways |
| 0:42.2 | that I can probably sprinkle in throughout this recording for today as well. But update, today, |
| 0:48.3 | actually, futures last night were slightly negative. We had an update yesterday. Not a huge |
| 0:52.3 | update, but an update yesterday, futures were huge update, but, but an update yesterday, |
| 0:54.3 | futures were negative last night, pointed to probably a negative 100 open on the Dow. But I think |
| 0:59.8 | what happened was markets opened and you immediately saw rates come down kind of across the yield |
| 1:05.6 | curve. So with falling interest rates, you had dollar came off a little bit and he kind of started |
| 1:10.5 | to see the bid catch in equities. And the nice thing about the day was that it sort of built on itself. |
| 1:16.2 | And so we ended up sort of closing up 337 points or so on the Dow, which was right about the |
| 1:21.4 | high for the day. So this is the third straight day of gains. We've had a couple of negative |
| 1:26.5 | days last week. We're up about 11% or so from the day of gains. We've had a couple of negative days last week. |
| 1:28.7 | We're up about 11% or so from the lows of October. |
| 1:32.6 | And I definitely wouldn't say that it's off to the races or anything like that. |
| 1:36.2 | We've got a lot to go through here today. |
| 1:38.1 | But positive signs nonetheless. |
| 1:41.6 | Of note today, you still have the volatility index kind of hovering around this sort of |
| 1:46.4 | 28, 29 level. It's not hyper elevated, showing mass stress, but it's high enough to just sort of |
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