The Dividend Cafe Tuesday - September 24, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 24 September 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Market Update & China's Economic Stimulus Analysis - September 24
In today's episode of Dividend Cafe, Brian Szytel offers a market overview for September 24. The Dow, S&P, and Nasdaq showed incremental gains, reaching record highs for the year. Significant highlights include a detailed analysis of China's robust economic stimulus measures aimed at revitalizing its sluggish economy, which has prompted rallies in Chinese and commodity stocks. Additionally, the episode covers U.S. consumer sentiment, showing lower than expected figures, and updates on the Richmond manufacturing index and Case-Shiller home price index, exposing a slower rate of home price appreciation. Tune in for more insights and upcoming real estate data.
00:00 Welcome and Market Overview
00:57 Chinese Market Stimulus
03:02 US Consumer Sentiment and Economic Indicators
04:02 Upcoming Data and 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. |
| 0:13.1 | Welcome the Dividend Cafe. This is Tuesday, September the 24th, and Brian Saitel with you here from our West Palm Beach Florida office and recording a |
| 0:23.4 | decent day in markets although fairly fairly quiet the Dow closed up 83 points on the day |
| 0:29.8 | and the S&P was up about a quarter of a percent the NASDAQ was up a little over a half of a |
| 0:35.7 | percent and this was another record closed technically for both the Dow and the S&P. |
| 0:41.6 | And this makes about the 41st record close for the SMP on the year. |
| 0:46.8 | So just been inching along here piece by piece. |
| 0:49.9 | Well, we're technically at those record highs. |
| 0:52.0 | We had 10-year yields drop one basis point on the day. |
| 0:55.4 | We closed at 373 on the 10-year, and the 210 curve continues to steep it. |
| 1:01.3 | We're now at about a 20 basis point spread positively, so uninverted, between two-year |
| 1:06.3 | notes and 10-year on the yield curve. |
| 1:09.2 | So there you have it on the market day. |
| 1:10.6 | As far as what moved markets most, |
| 1:12.4 | we had a rally in Chinese stocks, and we had a rally in some commodity names and some other technology |
| 1:18.6 | names. There was really a good amount of stimulus coming out of China. I wrote about this at least |
| 1:23.8 | a week ago that I thought that this was something imminent and obvious that they were going to do, given the slowdown there. |
| 1:29.7 | This is the world's second largest economy. It matters when it's slow. And of course, it moves things when they start to heat it up a little bit. |
| 1:35.9 | So some of these Chinese names were up a good amount on the day. What they did is they lowered the reverse repo rate, which is a financial rate that they apply in their markets by 20 basis points. |
| 1:46.8 | They cut their RRR, which is the required reserve ratio, bank reserves, if you want to think about it like that, |
| 1:53.4 | the interest rate that banks pay it on reserves. |
| 1:55.7 | They cut that by 50 basis points, which is a good amount. |
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