The DC Today - Wednesday April 26, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 26 April 2023
⏱️ 7 minutes
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Summary
Today's Post - https://bahnsen.co/3V6B23f
The House Rules Committee voted at 2:20 am to send the House spending legislation to the floor for a vote, implying that Speaker McCarthy has the 218 votes needed to pass a debt ceiling increase that also cuts $4 trillion from government spending over the next ten years. We watch and wait.
The Fed Funds Futures have come down to a 77% implied probability of a quarter-point rate hike next week (it had been 93% a couple of days ago). That’s still pretty high and still pretty close to a “sure thing,” but maybe if the First Republic Banks continue that you see in the news, it won’t be a sure thing.
That issue is the primary driver of markets right now, today even outweighing what was a pretty solid beat from some big tech companies.
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, |
| 0:05.9 | brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:15.0 | Hello and welcome to the Wednesday edition of D.C. today, a little more of the same today in markets. |
| 0:23.2 | Kind of an interesting tug of war in that there was such positive results from a couple |
| 0:30.8 | big tech names and their after hours last night was looking so strong from both Microsoft and Google in their news reporting |
| 0:40.6 | that it was expected it could end up being a big positive day. |
| 0:45.1 | And in fact, the NASDAQ at one point was up well over 1%. |
| 0:48.3 | The NASDAQ still closed up a little less than half a percent. |
| 0:52.8 | It gave back quite a bit of its lead. |
| 0:55.4 | The Dow was down 230 points. |
| 0:58.5 | S&P was down about 0.38% on the day. |
| 1:04.4 | So you had just a couple big names helping out the NASDAQ into positive territory. |
| 1:10.3 | The Dow down pretty much across the board, |
| 1:12.8 | most sectors, most areas of the market. The only positive performing sector was technology led |
| 1:19.4 | by those two companies. Utilities were the worst performer. They're down over 2%. It's a very odd day |
| 1:25.0 | when you have utilities and industrials down over 2%. |
| 1:28.2 | One of the big sentiment issues is certainly the same story I talked about yesterday that you |
| 1:35.3 | are no doubt reading about in the news, which is the ongoing downward spiral on First |
| 1:40.0 | Republic Bank, talk of them getting some sort of a deal, working very diligently to try to sell |
| 1:46.9 | assets right now offering to try to sell off some of their bond book at par value to avoid |
| 1:54.8 | a write down and then yet get equity for those companies that would essentially be overpaying for those bond assets and |
| 2:05.6 | then get a kicker on the other side and they're not getting any takers on that deal yet. |
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