The DC Today - Wednesday, August 23, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 23 August 2023
⏱️ 8 minutes
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Summary
Today's Post - https://bahnsen.co/44nfT7G
Markets caught a little relief today, and the biggest AI chipmaker seems to have hit it out of the park after hours (we’ll see what holds tomorrow). Bonds rallied substantially, and so as bond yields fell, equities rose …
There has been chatter about rising credit card delinquencies. Let’s be clear – rising from 2% to 2.6% is an increase, but this is an increase to the average of the last ten years, which is exactly 2.6% since 2011. And for the twenty years prior to that, the average delinquency rate for credit cards was 4.4%. There is nothing, yet, that is concerning or prophetic in the credit card delinquency data. Not yet.
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. |
| 0:14.8 | Hello, and welcome to the Wednesday edition of DC Today. We actually had an update in the market today. The market had been down five of the last |
| 0:24.2 | six days and the Dow and the Dow was up 184 points today, a little over half a percentage point. So not a ton there, |
| 0:32.4 | but some degree of recovery. 10 out of 11 sectors were positive. Energy was still down, but only by 30 basis |
| 0:40.5 | points. That was the only sector that kept us from running the table and positive sector performance |
| 0:45.6 | today. The S&P was up a little over 1%. NASDAQ up a little over 1 and a half. So you still continue |
| 0:51.4 | to see a lot of the market rallying around the big tech names. |
| 0:56.3 | And in fact, Nvidia, the major chip name around artificial intelligence reported their results |
| 1:05.1 | after market today. And as of the time I'm talking here, the aftermarket action looks like it's up quite a bit. |
| 1:13.1 | And that's just an incredibly expensive stock that has rallied huge this year and going up further still. |
| 1:19.1 | So a lot of momentum in that name for whatever that's worth. |
| 1:22.9 | But tech was leading performer today. |
| 1:25.4 | And, you know, it's kind of gone in cycles here this year. You have had |
| 1:29.4 | periods where the whole market did not look good and tech did. And you've had a year or a particularly |
| 1:36.8 | big tech and some of the key large capitalization names. Then you had a little period where the, |
| 1:44.1 | the breadth of the market really kind of expanded. |
| 1:47.9 | And tech was not doing great, but a lot of other market sectors were. |
| 1:52.4 | That started to give the feel of the rally a little bit more legs. |
| 1:56.9 | And then everything kind of sold off together, including a lot of tech. |
| 2:00.9 | And then now you seem to have a lot of things in the market not doing well, but some of the big tech still doing well. |
| 2:07.2 | That's the environment, candidly, that I think is least sustainable. |
| 2:10.3 | But what that means in terms of timing, I wouldn't be able to guess. |
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