Thursday - April 23, 2026
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 569 Ratings
🗓️ 23 April 2026
⏱️ 9 minutes
🧾️ Download transcript
Summary
Brian Szytel hosts Dividend Cafe on Thursday, April 23 from West Palm Beach, noting a modestly lower, directionless stock market (Dow down a few hundred points, S&P down 0.25%, Nasdaq down 0.5%), flat bonds with 10-year yields around 4.30, and oil up about 1.5% amid ongoing Middle East tensions. Economic data was mostly good: jobless claims were slightly higher, services flash PMI came in at 51.3 vs. 51, and manufacturing flash PMI beat expectations at 54 vs. 52, a nearly four-year high with new orders strongest in about four years. With about 15% of the S&P reporting Q1, roughly 88% beat expectations with an average 13% beat and revenue growth supporting high margins. He discusses a sharp software selloff alongside continued strength in semis and recommends David’s prior AI write-up. He also explains that private credit is a riskier, illiquid alternative with floating coupons and default risk, while fixed income refers to liquid public bonds used as portfolio ballast.
00:00 Market Recap Snapshot
01:03 Economic Data Check
02:00 Earnings Season Strength
03:36 Tech Rotation and AI Nuance
04:58 Private Credit vs Bonds
06:59 Closing Thoughts
Links mentioned in this episode: DividendCafe.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:10.0 | Good evening and I welcome you back to Dividend Cafe. This is Brian Saitel with you here as your host. |
| 0:18.0 | On this Thursday, April the 23rd. I'm here in our West Palm Beach |
| 0:23.0 | Florida office this week and we'll be heading out here shortly. And I'm actually recording this |
| 0:28.1 | a little bit before the close. So give me some grace here. But the qualitative things I'll talk |
| 0:34.3 | through won't be changed. But if market metrics change slightly at the close, so be it. All that to say, you had a mix somewhat directionless and tilted |
| 0:42.7 | towards the downside day in the stock market. The Dow was down a few hundred points here, |
| 0:48.3 | S&P was down a quarter of a percent, NASDAQ was down a half of a percent. So modestly |
| 0:53.1 | lower. Bonds were about even on the day. |
| 0:55.3 | You really just had tens trading again, just right in that 430 range. And then he had oil prices |
| 1:00.3 | that were up about a percent and a half roughly across the board. So continued the same story in the |
| 1:05.1 | Middle East, back and forth, so on and so forth. You had a decent amount of economic data, |
| 1:09.7 | most of which was quite good that I'll go |
| 1:11.4 | through. And then, of course, some comments around some undertones in the markets. But |
| 1:15.9 | let's start with the economics side first. A couple of things out. We had initial jobless claims. |
| 1:20.7 | This is a weekly number. About in line, it was actually a little bit higher, which is a bad thing |
| 1:25.4 | on initial claims. Existing claims, by the way, |
| 1:28.4 | were also a little bit higher. So nothing to write home about, but jobless numbers were a little |
| 1:32.7 | weak. You had two flash PMI numbers today, flash services and flash manufacturing. Okay, |
| 1:38.9 | services first. Basically in line, it was actually tilted to the positive slightly. We got a 51.3 versus 51, so we'll take it. |
| 1:46.8 | But the manufacturing number that came out was largely in the green above expectations. We got a 54 instead of a 52. |
| 1:54.3 | That's a four-year high, almost. It's 47 months from what we've seen. So that's a really good number. |
... |
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