The Dividend Cafe Wednesday - July 24, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 24 July 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Market Analysis and Sector Performance on July 24th
In this episode of Dividend Cafe, Brian Szytel analyzes the market performance for July 24th from West Palm Beach, Florida. The Dow closed 504 points lower, the S&P fell by 2.31%, and the NASDAQ dropped by 3.64%. Significant declines in Google and Tesla stocks driven by earnings misses led to the NASDAQ's poor performance. Despite the downturn, sectors such as energy, staples, utilities, and healthcare saw positive results. Interest rates slightly increased, with the 10-year yield up by three basis points. Brian discusses the yield curve changes and the economic indicators, including slight misses in new home sales and positive PMI report. Looking ahead, the episode mentions upcoming PCE data and the Fed meeting next week, followed by expectations for Q2 GDP revisions and durable goods orders. The VIX index spiked by 22% indicating heightened market volatility.
00:00 Introduction and Market Overview
00:54 Sector Performance and Interest Rates
01:56 Economic Data Highlights
02:39 Upcoming Economic Events
03:15 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. |
| 0:12.8 | Welcome to Dividend Cafe. It is Wednesday, July the 24th. And Brian Sightel with you here today again from our beautiful West Palm Beach, Florida |
| 0:22.0 | office. And unfortunately, a down day in markets, we had the Dow closed lower by about |
| 0:28.5 | 504 points. So decent drawdown. We had the S&P lower by 2.31 and the NASDAQ was down by 3.64%. So the delta between what the Dow was down and what the |
| 0:42.4 | NASDAQ was down was over 200 basis points. So we saw this big bifurcation and results on the day in stocks. |
| 0:48.2 | And a lot of that was part of the NASDA being technology driven, both Google and Tesla missed on earnings and were |
| 0:55.8 | meaningfully lower and that drove that index lower. But overall, still more narrative for the |
| 1:01.2 | growth to value rotation camp because on the day, even with this sort of big down day, the big drawdown |
| 1:06.2 | day, we still had energy, staples, utilities, health care. All those sectors were positive inside of that. |
| 1:13.3 | So really just one-sided today in market action. The interest rates were slightly higher. The |
| 1:18.3 | 10-year was up three basis points on the day. We closed at 429. But it's interesting that the |
| 1:22.9 | amount that the yield curve has steepened the last couple of months. We were a year ago, over 100 basis |
| 1:27.9 | points inverted between twos and tens. We're now only 14 basis points. And honestly, it's somewhat |
| 1:34.1 | typical in this stage of the cycle as we near the end of a rate tightening cycle and enter into |
| 1:39.1 | a rate monetary easing cycle, rate cutting cycle, to see that yield curve start to re, to uninvert, to start to be |
| 1:46.2 | positively sloped there again. And again, we'll see if there ultimately goes a recession or some |
| 1:51.2 | sort of slowdown. That's not what we're saying presently. The big numbers really, today, |
| 1:55.6 | there wasn't a lot of economic data. There was new home sales that slightly missed, but that wasn't |
| 2:00.2 | enough to move, |
| 2:01.0 | you know, the market like today. And then there was technically a positive number out of the |
| 2:05.4 | flash PMI report. We got a 55 number, which is anything over 50s expanding. So that was |
| 2:11.0 | positive. And inside of that, we had prices paid actually lower or rise the small amount, smallest in about six months. So technically |
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