Wednesday - June 3, 2026
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 569 Ratings
🗓️ 3 June 2026
⏱️ 7 minutes
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Summary
Brian Szytel of The Bahnsen Group recaps a broad market sell-off (Dow -620, S&P -0.7%, Nasdaq -0.9%) after nine straight weeks of gains, noting there was no major new catalyst beyond slightly higher rates, higher oil, and ongoing Middle East tensions involving the U.S. and Iran. Year-to-date performance remains positive (Dow ~+6%, S&P ~+10%, Nasdaq ~+15%), and economic data was generally strong, including better-than-expected ADP private payrolls (122 vs. 110) and solid services readings. He highlights continued resilience in labor demand and some increased entry-level and AI-related hiring. Historically, nine-week winning streaks have often been followed by positive returns over 3, 6, and 12 months, though higher 10-year yields around 4.50% could cap risk assets. He adds the Fed may need to raise rates later this year if inflation stays high despite strong employment, while oil futures imply prices returning to the 70s over time.
00:00 Market Snapshot
00:37 Why Stocks Sold Off
01:25 Economic Data Check In
01:54 Jobs and AI Hiring Buzz
03:07 Nine Week Rally Context
04:15 Rates and Fed Outlook
05:10 Oil Inflation and Wrap Up
05:41 Disclosures
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. |
| 0:10.0 | Welcome to Dividend Cafe. This is Brian Saitel with you here as usual on your Wednesday, June 3rd, and I'm speaking to you here from our |
| 0:22.9 | Newport Beach, California office here at the Bonson Group. On a down day in markets, overall, they had |
| 0:28.4 | the Dow that was down 620 points on the day. S&P was down about 7 tenths of a percent. |
| 0:35.0 | NASDAQ was down roughly 9 tenths of a percent. So sell off in stocks. |
| 0:40.1 | And frankly, we were due. I mean, the market had been up now for nine straight weeks and actually |
| 0:46.2 | nine straight days in a row. And so we got a bit of a pullback here today. And really, there wasn't |
| 0:52.4 | anything new in the news side of things that caused the sell off. Sometimes this is just what markets do. You did have interest rates move up a slight amount today and you had oil up and you guessed the culprit. It's Middle East tensions and some kinetic action between the U.S. and Iran. But that story has been ongoing and we just kind of waffle around it in markets a little bit. Generally speaking, the markets have been very positive. As you know, the Dow year to date is up |
| 1:15.2 | almost 6%. SMP 500 is up about 10%. NASDAQ is up about 15% roughly, give or take. So it's been |
| 1:23.9 | good so far this year. And on the day, we actually had generally positive economic data. |
| 1:29.3 | We had a few things out. |
| 1:30.9 | We had private payrolls. |
| 1:32.0 | This is that ADP private payroll number that we look at better than expected. |
| 1:35.6 | We got 122 over 110. |
| 1:38.1 | We had an ISM services beat in the month of May. |
| 1:41.5 | A little bit ahead of schedule. |
| 1:42.5 | We had the S&P Global Services PMI come out |
| 1:46.2 | two tents lower, but still in expansion territory. And then services PMI was also in expansion |
| 1:52.3 | territory. So pretty good across the board. And actually that theme of labor hanging in there, |
| 1:59.2 | and I spoke about that yesterday with new job openings and specifically |
| 2:02.2 | and funny and interestingly related to AI types of positions, business and professional |
| 2:07.1 | services. Some follow through on that today. The ADP private number reflected a positive number. |
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