The DC Today - Tuesday September 20, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 20 September 2022
⏱️ 19 minutes
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Summary
A volatile day to the downside in markets today as traders await comments from the Fed tomorrow and as bond yields bring down risk asset valuation.
Dow: -313 points (-1.01%) S&P: -1.13% Nasdaq: -0.95% 10-Year Treasury Yield: 3.56% (+7 basis points) Top-performing sector: Technology (-0.51%) Bottom-performing sector: Real Estate (-2.57%) WTI Crude Oil: $84.16/barrel (-1.38%) Key Economic Point of the Day: Housing starts came in at 1.575 million annualized for the month of August, a whopping 125k above expectations. Nearly all of the excess vs. expectations were in multi-family, with single-family coming in the second lowest since mid-2020.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.9 | Well, hello and welcome to the DC today. We are giving you a daily market synopsis, and I have a few other comments I want to make as well. |
| 0:24.0 | I'm back in the California office. |
| 0:25.9 | I didn't have a podcaster video yesterday because I was in transit leaving Atlanta, Georgia from a conference I had spoken at downtown, |
| 0:33.9 | and then just couldn't get a way to record from the airport, but you hopefully got your |
| 0:38.3 | longer legacy written DC today, and we're back in our routine here today. |
| 0:44.8 | Look, the Dow opened this morning down 250 points, and then it got worse from there, |
| 0:50.9 | then it got better, but then it got a lot worse. |
| 0:53.7 | At one point, it was down almost 600 points intraday. Then it got better, but then it got a lot worse. At one point, it was down almost |
| 0:55.0 | 600 points intraday. Then it came back up, if you will, to where we started, and it closed down |
| 1:02.3 | about 300 points. And so a lot of downside volatility. It never got into a positive situation, |
| 1:10.1 | but a lot of the worst of the downside came back |
| 1:12.9 | later in the day. |
| 1:14.9 | I'm going to talk in a moment about what was going on today and what we're expecting |
| 1:19.1 | into tomorrow. |
| 1:20.9 | But there was another event that was Ford Stock, the well-known U.S. automaker, down about |
| 1:27.4 | 12% of the day. I think it's its worst |
| 1:29.4 | day in over 10 years. And so anytime you have a big blue chip company with that kind of |
| 1:35.1 | violent downside, it weighs on overall markets as well. And in fact, is probably the reason that |
| 1:43.6 | the S&P was down, the Dow was down even more in the NASDAQ, |
| 1:48.3 | obviously Ford not being a NASDAQ stock. |
| 1:51.4 | But essentially today, as is always the case going into an FOMC meeting, but more so right now because of the nature of Fed tightening, |
... |
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