The DC Today - Tuesday, September 26, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 26 September 2023
⏱️ 10 minutes
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Summary
Today's Post - https://bahnsen.co/45cmDG2
Markets were hit again today (five out of six days to the downside) as the Biden administration announced a major antitrust lawsuit against Amazon, and general market jitters continued (despite a flat day in bond yields).
Why is the U.S. dollar up so much when things are supposed to be so bad in the U.S.? A good place to start might be the fact that yields are high and growth has been decent (and compared to other places, quite decent). Currency is a relative game, always and forever. More dollar bears have lost their faces and reputations, failing to understand that basic point more than anything else.
To be totally honest (and believe it or not, I am serious right now), I cannot remember if “net neutrality” rules were supposed to ruin the internet and the world as we know it or if “rescinding net neutrality rules” was supposed to ruin the internet and the world as we know it. What I do know, or at least I think I know, is that we used to have them (I think), and then they were rescinded in the Trump administration (I think), and it doesn’t seem like a lot of horrible things happened in having them or not having them. And then this morning, I see that with the Biden Administration now having a majority of votes at the Federal Communications Commission (FCC), the intent is underway to bring back net neutrality rules, which is either a good thing or a bad thing. I would have more to say if I could keep it all straight.
Another Fed governor is talking about a further rate hike, and futures respond by INCREASING the odds of NO further hike. Follow the fed funds futures, not the rush to a microphone.
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. |
| 0:13.5 | Well, hello and welcome to the Tuesday edition of DC Today. You had the fifth market sell-off out of the last six days today. So certainly not a lot |
| 0:24.6 | of momentum to be buying in the market. I'm going to talk about some of the reasons for that. |
| 0:30.6 | The overall market environment we're in. Today in particular, markets were hit as the Biden administration, the Federal Trade Commission |
| 0:40.9 | announced antitrust, a major antitrust lawsuit they're bringing against Amazon. And I have a link |
| 0:48.6 | to that story in the DC Today.com. I think you combine a rather surprising headline event like that with |
| 0:56.9 | the underlying market jitters and you get more market downside, despite the fact that today |
| 1:01.8 | bond yields actually didn't move. Generally, a good portion of market activity as the late has been |
| 1:08.8 | correlated with the bond market. |
| 1:11.7 | And today we saw bond yields flat and equities down quite a bit. |
| 1:17.4 | I'll get that out of the way first. |
| 1:19.7 | Dow was the best performing index and it was down 388 points. |
| 1:23.5 | That was 1.1% to the downside. |
| 1:26.3 | The S&P was down 1.5%. The NASDAQ was down almost 1.1% to the downside. The S&P was down 1.5%. |
| 1:28.1 | The NASDAQ was down almost 1.6. |
| 1:32.0 | Like I mentioned, the bond yields were flat. |
| 1:35.0 | The tenure was at 4.55%. |
| 1:37.1 | The best performing sector today was energy, and it was down half of a percent. |
| 1:43.3 | But the worst performing is utilities, and they were |
| 1:46.1 | down as shocking 3 percent. |
| 1:49.0 | So again, mostly red ink today. |
| 1:52.0 | Oil, by the way, was up. |
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