The DC Today - Wednesday, May 31, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 31 May 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
Today's Post -
The debt ceiling bill has gotten through the House Rules Committee and it appears nearly certain that the House will have the votes tonight for passage. What happened here proved to be even less dramatic than I predicted, and I was predicting that the media posture here was recklessly and shamefully melodramatic. I promise you this, though – no one will learn anything, and everyone will take the bait again next time, too.
Media reports that some hardliners on the right were going to look to oust Speaker McCarthy over this bill were, well, totally untrue.
One of the big themes in the market right now is the relative weakness of defensive sectors like Consumer Staples, Health Care, and Utilities. And for a contrarian like me, it makes me like them even more. The momentum is in one very narrow space right now. That boat has a capsize risk in front of it as 2023 progresses. In the meantime, 4% of the large cap universe is at a relative high right now, while 25% is at a relative low. Weird wacky stuff.
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. |
| 0:14.6 | Hello and welcome to the Wednesday, D.C. today, the very final day of the month of May. |
| 0:25.1 | And we had a little excitement in markets today. |
| 0:34.3 | Kind of dropped closer to 300 points at one point, but then came back to kind of where it had opened on the day. And the Dow ended up only down 0.4%, the S&P, 0.6%, NASDAQ, 0.6% all down. |
| 0:42.9 | Point-wise, the Dow was down 134 points. And it was mostly in financials. You had pretty good rallies |
| 0:50.3 | in some of the other sectors. It was kind of a mixed bag. The main issue just to get it |
| 0:56.8 | done once and for all is the House is now going to go vote tonight and the debt ceiling deal is |
| 1:02.3 | done. They did have a little fun today getting through the Rules Committee and you had about |
| 1:07.4 | 20 Republicans hold that up, which was nowhere near enough to stop it. |
| 1:11.9 | But some Democrat votes were needed because of the slim majority the Republicans have, |
| 1:16.6 | and that moved it forward. |
| 1:19.4 | There's been some talk in the press about, or some of these Freedom Caucus guys |
| 1:24.4 | so mad about this bill that they're going to boot out Kevin McCarthy. |
| 1:28.2 | And I'm talking to several people on the Hill that say it's a joke and there's no real |
| 1:32.7 | murmurings there. |
| 1:34.0 | But, you know, people, you may have heard the press likes the drama. |
| 1:38.0 | But no, this thing looks done. |
| 1:40.0 | And it looks like to be getting done with less drama than I thought there would be. |
| 1:45.8 | And I thought there would be exponentially less drama than the press has played into. |
| 1:51.6 | So you got even less than I got. |
| 1:53.7 | And I was the, then I forecasted, and I was the opposite of a drama queen on this thing. |
| 1:58.3 | So quite interesting how it played out. What do I want to talk about |
... |
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.