The DC Today - Wednesday, April 3, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 3 April 2024
⏱️ 7 minutes
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Summary
Today's Post - https://bahnsen.co/3U2mBhF
A modestly positive trading day today in markets with both stocks a little higher and the VIX lower following a few down days. ADP payroll numbers for March came in quite strong at 184k, although the actual employment report this Friday will get more attention. Powell had comments out today that reiterated their patient approach on lowering rates which is really just more of the same with Fed futures unchanged. Sort of a quiet day really all around.
As the office REIT space recovers, earnings revisions for next year have brought the average estimate from -1.8% to now 12.2% for 2025. Healthcare REIT’s have also seen a huge revision from -17.2% to now 6.9% for next year EPS estimates. In fact of all 10 industries in the SP500 with upward revisions for next year, 6 of them are in the REIT space overall. Now, I imagine if interest rates don’t move lower as much as expected the shine may wear off for these analysts, but interesting nonetheless.
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. |
| 0:14.0 | Welcome to DC today this Wednesday, April the 3rd with you on a very pretty really quiet market day trading wise. |
| 0:24.0 | Rates were unchanged, 10 years, date at 435 unchanged on the day. |
| 0:29.0 | The Dow dropped 43 points on the day after being up for most of the day. |
| 0:34.4 | So fairly quiet. |
| 0:35.7 | S&P and NASDAQ were both both a little higher in markets. |
| 0:39.9 | The volatility index was just off a little bit. So a little quiet day. We had comments from |
| 0:46.7 | Powell out today that were so in line with what he's been reiterating before that it was almost |
| 0:54.1 | verbatim. So there really wasn't |
| 0:55.8 | any market movement from it at all. Just that they're waiting for more data. They want to see |
| 1:01.0 | inflation where they want to see it before they're going to actually cut rates. But they still |
| 1:05.7 | expect to do that towards the second half of the year. Private payroll. So ADP was out today with really a pretty strong print, actually. |
| 1:14.7 | It was 184,000. |
| 1:16.4 | We were expecting 150. |
| 1:20.1 | And 184 is the highest number since we've had since July of last year. |
| 1:25.3 | Just keep in mind the ADP private number is different |
| 1:28.3 | and perceived different and less reliable than the actual non-farm payroll report, which will come |
| 1:33.6 | out on Friday. So the number was strong. We were expecting it to be, but it was even better than |
| 1:38.9 | that. And so that's a good thing for the labor market and employment. |
| 1:48.9 | And also February was revised a little higher as well. |
| 1:50.6 | So good things there. |
| 1:55.3 | And again, like I said, good news is good news, even though markets may react one way or the other. |
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