Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life.

Welcome back to Dividend Cafe this Wednesday, August the 6th, Brian Taitel with you here today on a marginally up day here in markets and it was bifurcated

between value and growth. We had some positive big tech earnings, particularly with the largest

phone maker, which moved the NASDAQ. The NASDAQ was up about 1.2% on the day. S&P was up about

7 tenths of a percent. Dow was up marginally about 81 points.

Ten-year yield moved up about two basis points. And that was in the context of just a dearth of

economic data today, there really wasn't anything out. There was some somewhat dubbish Fed speak

with a few different Fed speakers, Kashkari, Waller. But other than that,

it was a pretty quiet day on the economic side of things. Obviously, there's continued tariff

headlines with India being a recent headline and heightened tariff rates there, but overall,

not a lot going on in the economic calendar. All that said,

just to kind of follow on to what we talked about yesterday, because we're about 80% through

the earnings season, and we gave some metrics yesterday on how those things are shaking out,

which is fairly good, and then also just on overall market multiples and where things lie.

So I wanted to peel that onion back a little bit, look at some other layers.

If you look at the median, so not just the market cap weighted averages,

but the median, which may be more representative of all 500 companies versus just those top names.

But if you look at the median top five largest names, which are all tech

names, they're all part of the fang paradigm, they're trading at about 34 times earnings.

Actually, that's not the 40 and 50 times we saw in the year 2000. If you just look at that median

number on those top five names, but still, it's what's moving the needle the most on the overall

median market cap.

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