The DC Today - Wednesday, February 14, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 14 February 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
Today's Post - https://bahnsen.co/49ia3bk
A more productive day in markets today following yesterdays sell off with with the SP500 regaining the 5,000 level and bond yields giving back some of yesterdays back up in rates. As expected, internals yesterday were quite negative at -13 to 1 on the advance/decline ratio, but without credit spreads even budging, we move on. For what its worth, in a meeting with House members following the inflation release yesterday, Powell mentioned that the CPI data was consistent with what they had expected.
Moving back to actual fundamentals that matter more to me, with over two thirds of Q4 earnings season completed we are tracking a 9% growth rate for the SP500 on the year, with a few more percentage points to the upside by the time its all said and done. Hard to see issues in that, and margins are holding in nicely at 16.7% with another 10% of earnings growth expected for 2024. I do think the latter ends up getting revised lower, but it remains a positive backdrop nonetheless.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
Click on a timestamp to play from that location
| 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. |
| 0:13.8 | Hello and welcome to D.C. today. It's now Wednesday, Valentine's Day, February the 14th. |
| 0:21.0 | And it's great to be with you here |
| 0:22.9 | from our Newport Beach office studio. |
| 0:26.6 | Following yesterday's move lower in markets |
| 0:29.3 | that I think both David and I wrote about |
| 0:31.9 | as being a little bit flash in the pan |
| 0:34.5 | based on some CPI numbers that were hardly indicative of something drastically |
| 0:40.5 | changing. Of course, today we get a recovery day and markets are up. The Dow closed up, 151 points |
| 0:47.1 | on the day. The 10-year cooled off a little from yesterday's backup and rates. Interest rates |
| 0:53.1 | were down about six basis points on tens, |
| 0:55.9 | goes to 425, 426. And overall, a fairly good day in markets, broadly speaking. The S&P 500 actually |
| 1:04.9 | retook its 5,000 level, which is always surreal to me. I haven't been able to talk about it yet because we lost |
| 1:12.2 | that level yesterday. But I remember distinctly Intra Day on March 6th of 2009 when it was |
| 1:18.6 | intraday was 666. So to have it back about 5,000, both makes me feel old, but then also |
| 1:25.9 | is neat to see. And again, yesterday's numbers were really |
| 1:29.8 | not that bad with inflation. So I said that, David said that. And then today, Powell reiterated |
| 1:35.9 | that. Janet Yellen reiterated that. And then another Fed president out of Chicago, Austin Goulsby, |
| 1:42.7 | reiterated that. So Powell, yesterday, same day as the |
| 1:46.8 | inflation data came out, said that it was basically what he was expecting. And Austin Goulsby today |
| 1:51.9 | said that, you know, this data is never going to be what I said, which was never going to be in a |
| 1:57.1 | straight line. So there's going to be months in which you get ups and downs. But overall, there's a lot of progress being made. And with how restrictive interest rates are, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from The Dividend Cafe - The Bahnsen Group, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of The Dividend Cafe - The Bahnsen Group and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.