The DC Today - Wednesday, March 8, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 8 March 2023
⏱️ 9 minutes
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Summary
Today's post: https://bahnsen.co/3SXObdT
Key Economic Points of the Day:
ADP reported 242,000 private sector jobs created in February. The correlation between the ADP and BLS numbers each month has not been very tight for a while now. Job openings came in at 10.82 million for February, 300k higher than expected. It had been 11.2 million last month. The trade deficit came in at $68.3 billion in February, a little less than expected. Total trade was up +7.6% versus last January ($18.1bn), indicating ongoing improvement in supply chain conditions versus a year ago.
ASK DAVID “I noticed Sen. Elizabeth Warren grilling Jerome Powell yesterday, and her main point (that the primary causes of inflation and the only tool the fed has to fight inflation are disconnected) sounded familiar. Would you have ever guessed that you would find common ground with a left-wing Senator from Massachusetts? She did have to get price gouging theory in there though …”
~ Jack B.
I’ve said this countless times – that though the progressive’s motives are to pin the blame for inflation on “capitalist greed” (the most preposterous theory imaginable), the right’s agenda here will leave them regretting it when economic opponents are the ones making the case that, no, people having jobs is NOT inflationary. Inflation is a highly toxic issue politically, no doubt, and parties not in power will make hay of it when they can just out of political reality. But the need of the hour is economic growth, and for the right to join the fray in alleging that growth and jobs are inflationary is absurd. For Elizabeth Warren to be the one making the case that the Fed is about to do more harm than good is heartbreaking to this movement conservative.
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. |
| 0:13.6 | Well, hello and welcome to the Wednesday edition of DC today, recording once again from beautiful Manhattan here in New York and I guess kind of a |
| 0:25.0 | boring day in the market on a closing basis but there's some not boring things happening |
| 0:30.6 | in the news cycle I want to talk through first of all we'll just kind of cover the market |
| 0:37.0 | then cover a new story I think is pertinent to investors and then go through a couple economic data points. |
| 0:43.3 | Okay, first of all, the Dow ended up down about 50 on the day. |
| 0:49.3 | It had been down about 250. |
| 0:51.3 | At one point, I think it was up 40. |
| 0:53.3 | You had nearly a 300 point spread |
| 0:56.7 | from the high level of the day to the low level, but the market closed well off of its low. |
| 1:01.7 | The S&P was actually up a tiny bit on the day, and the NASDAQ was also up a tiny bit on |
| 1:07.1 | the day, a little bit more than the S&P. The Treasury market didn't move much. The 10-year |
| 1:12.9 | was up about one basis point in a yield, still just right below the 4% mark there on the 10-year |
| 1:20.5 | yield. The worst performing sector today was energy. It was down about 1%, but the top performing |
| 1:26.8 | sector today was real estate, which was up 1.3%. |
| 1:31.3 | It had been the biggest drag yesterday, so there was a bit of a retracement to recovery today in real estate. |
| 1:39.3 | Oil was down a little over 1%, still hanging out there right around $76, $77 a barrel. |
| 1:48.9 | So again, not a lot of newsworthy things into the actual market. |
| 1:53.9 | You had the PAL testimony in Senate yesterday, spoke to the House today, and as expected, |
| 1:58.3 | there was nothing to really add on to. You would think anything |
| 2:02.1 | particularly profound he would have said in the Senate test when he yesterday. And indeed he did. Today |
| 2:07.3 | was mostly a kind of repeat. Silvergate is a very large bank. It is regulated by FDIC, but it is |
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