The DC Today - Wednesday, January 4, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 4 January 2023
⏱️ 7 minutes
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Summary
The new wing of the TBG offices in Newport is now open. We are excited for you to come see it.
I believe it is now 28 out of our 50 people that are based in Newport, soon to be 30 out of 52 (we are hiring two new Tax Services people this month). The new space gives us extra space we needed for our Solutions Department from last year’s growth, more space for additional future growth, new offices for key partner-advisors, additional space for our growing Tax Services Department, and additional client conference room meeting space. Come visit any time!
Today’s market action was up and down but mostly up …
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. |
| 0:15.1 | Well, hello and welcome to the DC today. It's Wednesday, January 4th. It's kind of a crazy day. And so I'm recording this a little |
| 0:22.6 | quickly, but I do want to give you a quick rundown of markets. Markets ended up on the day, 133 points. |
| 0:29.5 | That was a 0.4% increase for the Dow. The S&P was up more at 0.75% and the NASDAQ just below that at 0.69. But really, I think the biggest |
| 0:40.9 | story, the 10-year treasury yield down another 10 basis points down to 3.69%. So you've given, |
| 0:50.0 | you have seen the 10-year bond rally huge in the first two days of the new year with the yield down 20 basis points in two days, helping to reprice a lot of risk assets. |
| 1:04.2 | Every sector was in the green today. Real estate, a very rate-sensitive area, was up 2.28%. Energy was the worst performing sector, |
| 1:13.2 | and it was up six basis points. What's more noteworthy is not that energy was the bottom performer, |
| 1:19.0 | and not that it was positive but barely, but that oil was down almost 5%. Now, you have some role |
| 1:26.0 | going right now in the way that the forward futures |
| 1:28.9 | curve works, but WTI closed at 73.22 down 4.8% on the day, and yet the energy sector was up |
| 1:38.9 | on the day. By way of economic data real quick, mortgage applications were down 13% last week versus two weeks earlier. |
| 1:47.7 | So you did see the 30-year average mortgage rate go back up to 6.58%. |
| 1:55.6 | I think it had gotten as low as 6.3 something two weeks earlier. |
| 1:59.6 | But more importantly is that it started the year |
| 2:02.3 | at 3.3%. So you essentially had it exactly double from 3.3 to 6.6 from week one of 2022 to week |
| 2:14.3 | 1 of 2023. ISM manufacturing came out a few hours after the market opened and was in contraction |
| 2:23.3 | territory again for the second month in a row. |
| 2:25.6 | It went to 48.4. |
| 2:27.0 | That's about what was expected, but new orders were down two points. |
| 2:32.3 | So again, economic slowdown, weakness, and the ISM numbers not painting a great picture |
| 2:40.5 | at all. |
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