The Dividend Cafe Tuesday - October 15, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 15 October 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
In this episode, recorded on October 15th, host Brian Szytel reports on a generally down day in the markets. The Dow dropped 324 points, the S&P 500 fell by 0.75%, and the NASDAQ decreased by over 1%. He discusses the weaker-than-expected New York Fed Empire State Manufacturing Index and its ramifications. Additionally, he touches on comments from the San Francisco Fed President on interest rates and inflation. Brian highlights recent market activities, including a slight rally in bonds and considerations for small cap exposures in growth equity portfolios. Recommendations for asset allocation and insights from the recent annual asset manager week are also shared, emphasizing the importance of active selectivity and defensiveness. He wraps up with a note on the upcoming election and answers a question about adding a small cap sleeve to the portfolio.
00:00 Introduction and Market Overview
00:29 Manufacturing Index and Fed Updates
01:26 Bond Market and Small Cap Exposure
01:45 Asset Allocation Insights
03:09 Small Cap Portfolio Strategy
03:55 Conclusion and Q&A
Links mentioned in this episode: DividendCafe.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. |
| 0:13.0 | Welcome to Dividend Cafe. This is Tuesday, October the 15th. |
| 0:17.0 | And Brian Sightel with you here in our Newport Beach office in California. |
| 0:22.2 | On generally a down day overall in markets, marginally, the Dow was down 324 points on the day. |
| 0:30.7 | S&P was down about 0.75% and the NASDAQ was down just over 1%. |
| 0:35.9 | So a little drawdown. We actually closed right around the lows on the session. |
| 0:40.4 | Not a lot of real big news out on the day. |
| 0:42.5 | There was the New York Fed Empire State Manufacturing Index was quite a bit weaker than expected. |
| 0:48.2 | It was a negative 11.9. |
| 0:50.8 | Expectation was for positive three, and I know those numbers are a little arbitrary for most listeners, |
| 0:55.8 | but this is a gauge and a measurement inside of a large manufacturing base in the country. |
| 1:00.8 | And so these numbers can be a little volatile. |
| 1:03.4 | It was basically new orders and shipments that were the largest detractor inside of the number, |
| 1:09.0 | although six-month forward expectations were actually still |
| 1:11.7 | fairly positive. So it was more of a mixed bag than as negative as it appeared at first on the day. |
| 1:18.8 | The Fed President from San Francisco daily mentioned that while rates have come down here 50 |
| 1:24.2 | basis points and that there's another call it 25 basis points in |
| 1:27.8 | November and December coming off before the end of the year that still leaves the Fed Fund's |
| 1:32.6 | target at a restrictive enough stance to still bring inflation lower from here. So take that for |
| 1:38.8 | what it is there. But overall, generally, slightly down day, the bonds rallied a little bit. We had |
| 1:45.5 | 10-year treasury drop about six bases points. It closed at 4.04% for the day. There was a question |
| 1:53.8 | in there today about some small cap exposure. We had a nice dividend cafe on Friday that I really |
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