The Dividend Cafe Wednesday - October 9, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 9 October 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Market Update and Economic Insights Amidst Hurricane Threat
The October 9th edition of Dividend Cafe discusses the positive trends in the stock market, with the Dow rising 431 points and the S&P and NASDAQ also seeing gains. The video highlights a slight increase in interest rates due to favorable economic data and the FOMC's leaning towards a 50 basis point rate cut, focusing more on employment than inflation, which appears to be subsiding. Meanwhile, Hurricane Milton's impact on Florida and its potential effects on oil production are noted, leading to fluctuations in the energy market with heightened volatility and bullish sentiment in oil prices. The episode also addresses the concept of money velocity post-financial crisis and its implications on economic demand. Viewers are encouraged to reach out with questions and are offered thoughts and prayers for those in the Gulf amid the hurricane threat.
00:00 Market Overview and Positive Day Recap
00:41 Federal Reserve Meeting Insights
01:14 Hurricane Milton and Market Impact
01:48 Energy Market Volatility
03:11 Understanding Money Supply and Velocity
04:23 Closing Remarks and Well Wishes
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. |
| 0:12.0 | Welcome the Dividend Cafe. This is Wednesday, October the 9th. |
| 0:17.0 | And Brian Saitel with you here today on a overall positive day in markets, we had the Dow actually close up just about at the high, maybe just a few points off. |
| 0:28.2 | We closed up 431 points. That's a little over a percent on the day. The S&P was up about 0.7 percent. |
| 0:35.7 | The NASDAQ was up about 0.6 percent. So sort of a blue chip stock rally. A 10-year was up about 0.7%. The NASDAQ was up about 0.6%. |
| 0:38.3 | So sort of a blue chip stock rally. |
| 0:40.1 | 10-year was up five basis points at 407. |
| 0:43.3 | And so interest rates have started to creep a little higher. |
| 0:46.3 | Most of that is on generally positive economic data that has come out. |
| 0:51.2 | We actually didn't have a lot in the economic calendar itself. We had the |
| 0:55.2 | minutes from the September meeting from the FOMC out, and it was really a pretty broad-based, |
| 1:01.2 | not quite unanimous, but close to it, push for the 50 basis point rate cut that we started |
| 1:05.5 | with a pretty clear delineation between employment being the bigger issue over inflation. In fact, most of the comments |
| 1:12.7 | were related to inflation, more or less completely subsiding, or at least getting to a point at which |
| 1:18.3 | they felt comfortable. So there you have it on the Fed side. There was some wholesale inventories that |
| 1:23.4 | were roughly in line on the day. That wasn't a big piece of news. Again, interest rates have moved in the main non-economic news calendar. |
| 1:32.4 | It's really about Hurricane Milton at this point in the Gulf, which is now, as I'm talking |
| 1:37.1 | here right this second, as market closed, now impacting the Sarasota, Tampa Bay area of Florida. |
| 1:43.1 | And so our thoughts and prayers go out to everybody there. |
| 1:46.1 | All of our readers and clients, I've spoken to many of them that have battened down the hatches here for this storm. |
| 1:51.2 | Hopefully it dissipates faster than the estimates are showing. Again, markets closed not quite at the all-time high, but close to it. |
| 1:58.5 | Intra-day, the S&P did make an all-time high. |
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