The DC Today - Wednesday, February 8, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 8 February 2023
⏱️ 10 minutes
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Summary
Good afternoon, Brian Szytel here with you today on this down day in markets following yesterday’s unconvincing (to me, at least) Fed-led rally. Today there is more chatter from several other Fed Presidents I’ll discuss, along with some comments on inflation, recession indications, and some takeaway comments from last night’s State of the Union address. Plenty to go through, including my Super Bowl prediction at the end, so I’ll let you hop into the podcast link below from here and reach out with any questions, as always.
US futures opened last night down slightly, losing a little ground through the night, pointing to a down 100-point open at home, while Europe, in contrast, continued to hold gains. Markets opened in the red by about 110 points but were back toward fair value within the first hour of the morning session.
Dow: -207 points (-.61%) S&P: -1.11% Nasdaq: -1.68% 10-Year Treasury Yield: 3.63%%, down 4.7 basis points on the day. The 2/10 yield curve is inverted by over 80 bps. The 3mo/10YR curve is inverted by 108 bps. Top-performing sector: Real Estate was the best-performing sector today at -.29%, although all sectors were in the red. Bottom-performing sector: Communication Services are down -4.13%, largely due to Google being down over 7% on the day. WTI Crude Oil: $78.41/barrel, up +1.63%
Links mentioned in this episode: [TheDCToday.com] https://bahnsen.co/3xdfw1m 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. |
| 0:14.5 | Hello and welcome to D.C. today. Today is Wednesday, February the 8th, and Brian Saitel here with you. |
| 0:22.9 | Can kind of go over some of the market commentary for the day and go through some of what we saw |
| 0:29.9 | and what we were thinking about. So last night, futures opened up slightly negative, maybe 40 points or so, |
| 0:36.3 | lost a little bit of steam. Europe was up most of the night, |
| 0:39.3 | actually all the night. They kind of held gains, but we traded lower in futures and were down |
| 0:43.3 | something like 100 points or so into the open. Open down maybe 110, made it back to fair |
| 0:51.3 | even, even value, fair value within a few hours, or not even that, |
| 0:54.8 | about an hour. And then just sort of slowly drifted lower throughout the day. And most of the |
| 1:00.0 | reason was due to all different Fed governors and Fed presidents talking, I think four or five of |
| 1:07.3 | them, more hawkish comments. So following sort of yesterday's update with Jerome |
| 1:12.9 | Powell's comments, which markets somehow applauded, I didn't really believe it. Breath was low yesterday, |
| 1:20.2 | and so I was a little surprised to see it close as high as I did yesterday, because he basically |
| 1:24.3 | just said the same thing. It didn't really add anything new, which is just that |
| 1:27.5 | rape hikes are going to slow, but that they're going to stay higher and, you know, it's data dependent and |
| 1:32.7 | so on and so forth. But on the day, top news story, you know, President Biden gave his State |
| 1:39.8 | of the Union address last night. I'm sure most of you saw that. I watched the whole thing. I don't know |
| 1:48.0 | how to say. I mean, his approval rating went up one point after the speech. So I guess that gives you |
| 1:53.3 | whether it was a good or bad. It moved by one point higher, which is to 41 and more or less |
| 1:59.5 | the low of his term. There was talk about the debt ceiling. |
| 2:05.0 | He touted some of the job gains over the last couple of years, although did mention that |
| 2:11.0 | that was coming off of a global pandemic and not a partisan comment, but just factual, just |
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