The DC Today - Wednesday, October 11, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 11 October 2023
⏱️ 6 minutes
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Summary
Today's Post - https://bahnsen.co/3LYNG0J
Treasury yields dropped again, and stocks rose again today.
The minutes from the Fed meeting last month came out today and said nothing new or unsurprising at all.
ExxonMobil agreed to buy Pioneer Resources for $59.5 billion in an all-stock deal that represents the largest oil and gas deal in over two decades.
I am not sure that an Israeli ground invasion of Gaza is imminent. Even though I am convinced, Israel will (and should) do whatever it can to eradicate and punish this atrocity, a ground invasion appears to involve so much complexity and challenge that much of the work I have read in the last 24 hours suggests it may require more planning, nuance, and particulars than was initially expected.
The IRS says Microsoft owes it $29 billion? They should’ve used TBG Tax!
The House Speaker race is going to be very interesting, with a majority of Republicans voting to send up Steve Scalise for a vote, but not potentially enough to get him over the needed line in a whole House vote.
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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. |
| 0:13.5 | Well, hello and welcome to the Wednesday edition of DC today. This will be a real easy one to listen to. There's just a few things I'm going to highlight |
| 0:21.2 | real quick. And I'm in a bit of a hurry schedule-wise, but also it's convenient that there |
| 0:28.2 | isn't a whole lot that developed today out of markets, this absolute debacle and atrocities |
| 0:36.3 | from Hamas against our friends of have continued, and that escalation |
| 0:41.5 | and the unknown of this event maintains its status as by far the most important story on |
| 0:50.2 | the world stage. Within markets, you're now looking at four days in a row of stocks being up, |
| 0:56.8 | three days in a row since the attack on Israel. And the coincident correlated factor continues to be. |
| 1:09.2 | And each of these days, bond yields coming lower, pushing |
| 1:12.8 | stock and bond prices higher. |
| 1:15.6 | Today, the 10-year yield fell another nine basis points, closing at 4.55%. |
| 1:22.0 | The Dow was up 66 points. |
| 1:25.5 | The S&P was up about 0.4%. The NASDAQ up about 0.7%. So nothing huge, not a major |
| 1:34.2 | rally, but just continuation of this story. A bond yields coming down. Equity prices coming up a bit. |
| 1:40.6 | Now, one thing that was unique today is oil prices did come down about $3. |
| 1:52.3 | And so you had an adjustment to the downside in oil prices about, excuse me, about 3%, not $3. |
| 1:59.0 | But that was around, you know, the aftermath of oil prices being up in the last couple days. |
| 2:01.2 | So there's volatility around that. And it's something we actually said on Monday that traders were likely to fade this idea |
| 2:07.4 | of oil prices jumping significantly if you were really just talking about the Israel-Gaza |
| 2:13.9 | activity. |
| 2:14.9 | To the extent this thing escalates into Iran, I think that's a different story, |
| 2:18.3 | but we're not there yet, and I'm not sure we're going there right away. I am sure that Israel |
... |
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