The Dividend Cafe Tuesday - July 23, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 23 July 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Market Updates and Economic Insights from Dividend Cafe - July 23rd
In this episode of Dividend Cafe, host Brian Szytel checks in from the newly opened West Palm Beach, Florida office, starting with a thank you to Jolene and Mina for their hard work. Brian reviews the day's flat market activities with minor declines in the Dow, S&P, NASDAQ, and 10-year treasury yields. He discusses important upcoming economic events such as PCE data and a Fed meeting, and highlights notable earnings season trends, particularly the strong performance in the financial sector. Additionally, Brian comments on political factors, real estate market conditions, including a low in existing home sales, and mixed manufacturing data from the Richmond Fed. He concludes with a preview of upcoming economic reports and invites viewers to reach out with questions. Tune in tomorrow for more insights from Florida.
00:00 Welcome to the New Office
00:33 Market Overview: A Flat Day
01:01 Earnings Season Insights
01:28 Financial Sector Performance
02:30 Economic Indicators and Real Estate
03:21 Upcoming Economic Data
03:33 Closing Remarks
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. |
| 0:10.0 | Welcome to Dividend Cafe this Tuesday, July the 23rd. Brian Saitel with you here today from our beautifully new designed and newly opened West Palm Beach, Florida office. |
| 0:24.9 | And again, a big thank you to both Jolene and Mina for working tirelessly over the weekend and just making this new office so special and beautiful. |
| 0:33.5 | I can't wait to show any of our Florida clients or any clients otherwise these beautiful new digs anytime you're out in this area. |
| 0:40.3 | So on the day, a bit of a flat day in markets. |
| 0:43.6 | The Dow closed lower by 57 points, which was roughly the low of the day. |
| 0:47.8 | Both the S&P and the NASDAQ were also slightly lower, a tenth of a percent, a little less, and then that on the S&P. |
| 0:55.6 | The 10 year was also flat. |
| 1:02.0 | We closed at 425 on 10s. So a bit of a quiet day, at least in markets, we have some PCE data that will be more important and then a Fed meeting next week. And I think markets are more waiting |
| 1:06.8 | for that news and just continuing to get earnings data that comes out here in Q2 earnings season. |
| 1:12.6 | Speaking of which, it's been an interesting thing to see the financials be such a big winner |
| 1:18.2 | as far as expectations go. Overall, we're still expecting this 11% growth for the year 24, |
| 1:24.5 | which I have thought would have been revised a little lower. It hasn't. And then we're |
| 1:29.1 | expecting a 14% move higher in earnings per share growth for 2025. And one of the reasons, at least for |
| 1:36.0 | this year, has been an upside in financials. We were expecting about a 7% growth rate for earnings |
| 1:42.1 | at the beginning of the year. We're now at a 17% growth rate. |
| 1:44.9 | So that delta of what we thought was going to happen in earnings is the most changed in the |
| 1:50.5 | financials. There's actually the highest number of sector reporting so far too, which is about |
| 1:55.4 | 35% or so of those names now reporting for Q2. So part of the rotation that we've seen as far as growth to value, there's a lot of talks |
| 2:04.5 | about politics and who's leading in the polls now between Trump and Kamala Harris and |
| 2:09.7 | interest rates cuts that are coming up down the pike. |
| 2:13.1 | And those things are real too. |
... |
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