The Dividend Cafe Thursday - May 30, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 30 May 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Market Recap and Economic Indicators for May 8th, 2023
In this episode of the Dividend Cafe, we delve into the recent market events with a focus on the downward trend experienced across major indices such as the Dow, NASDAQ, and S&P. The Dow took a significant hit, largely due to an earnings disappointment from a major software company. The discussion includes updated GDP figures for Q1, showing a decline to 1.3%, and initial jobless claims which remain strong at 219,000. We also address the notable drop in pending home sales, attributed to continuing high mortgage rates. Additionally, there's a segment about the presence of international stock positions in the dividend portfolio and the relevance of foreign tax withholding. As always, the episode concludes with an invitation for listeners to reach out with their questions.
00:00 Introduction to Dividend Cafe 00:18 Market Recap: A Down Day 01:00 Economic Indicators Update 01:43 Housing Market Insights 02:24 International Stock Positions 03:12 Conclusion and Sign-Off
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.2 | Welcome to Dividend Cafe. It is May the 30th on Thursday. Thank you for being with us here again. |
| 0:19.1 | And unfortunately, what was another down day after yesterday's |
| 0:22.0 | sell-off? We followed through again today. The Dow closed lower by 330 points on the day. Both the |
| 0:28.2 | NASDAQ and the S&P were lower as well. And the 10-year yield dropped six bases points. We closed |
| 0:34.4 | at 455 on tens there. So a bit of a sell-off day today. The volatility |
| 0:39.3 | index was up slightly in this as well. The Dow was down a little bit more than some of the other |
| 0:45.8 | indices, particularly the S&P, just because it's a price-weighted index in one of the names, |
| 0:51.5 | which is the largest client relationship software company, dropped 20% on some disappointment in earnings, |
| 0:56.9 | and so that moved the index a little bit more than some of the others. |
| 0:59.9 | But to overall, pretty consistently down day. |
| 1:02.4 | Inside of that movement, we had a revision on Q1 GDP. |
| 1:07.9 | We were at 1.6% in the flash read before on GDP, and today we revised that lower to |
| 1:14.2 | 1.3. So some weaker GDP number for Q1, the previous quarter, which was in Q4 last year, |
| 1:22.4 | was in the low threes, quite a bit, stepped down on GDP, although it's expected to pick back up |
| 1:27.3 | in the second |
| 1:28.2 | quarter. But there were some weakness there today. We had some initial jobless claim numbers |
| 1:32.7 | that were right in line with expectations and still very healthy. We're at 219,000 on initial |
| 1:39.0 | jobless claims. So continued to strengthen the employment picture. And then there was a disappointment in pending |
| 1:46.0 | home sales. So this is a forward-looking indicator on real estate transaction activity. And it was down |
| 1:51.6 | 7.7% on the month. We are only expecting about a 0.4% decline. So it's a pretty big disappointment. |
| 1:58.6 | And when you look at interest rates or mortgage rates, that is, in the high sixes or low sevens, I don't know that it's a pretty big disappointment. And when you look at interest rates or mortgage rates, |
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