The Dividend Cafe - The DC Today - Tuesday November 8, 2022

Episode Date: November 8, 2022

MARKET ACTION Dow: +334 points (+1.02%) S&P: +0.56% Nasdaq: +0.49% 10-Year Treasury Yield: 4.13% (-8.4 basis points) Top-performing sector: Materials (+1.68%) Bottom-performing sector: Consumer Discretionary (-0.30%) – only negative sector WTI Crude Oil: $88.55/barrel (-3.53%) Key Economic Point of the Day: The October NFIB Small Business Optimism Index fell from 92.1 to 91.3 Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Welcome to the DC Today, your daily market synopsis of the Dividend Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. Well, hello and welcome to the Tuesday, DC Today. It is Election Day. I wish I was providing Election Day results, but we are not yet there. Middle of the day Tuesday, and I'm going to just give you a quick market summary. The reason I say quick is because I'm running to jump on a plane. I'll be flying out to Nashville, landing in Nashville very late tonight. My whole team follows me tomorrow, Wednesday. When I say my whole team, I mean all 50 employees of the Bonson Group from around the country. And then we will, starting Wednesday night, going Thursday and Friday, be at our Nashville headquarters and doing our annual team offsite, which is why there will be a election day

written DC Today tomorrow in the morning, summarizing what we can summarize from the results of election night. But there will not be a post-market DC Today on Wednesday or Thursday because of our whole team and the resources needed to do DC Today, me being one of those resources, but the other folks involved behind the scenes, all of us being otherwise engaged. There will be a dividend cafe, though, on Friday. What is the market's thought about all this action with the Bonson Group? The market doesn't think about the Bonson Group, but the Bonson Group does think about the market. And the markets, you could argue, are thinking about the election a little, but I think there's other aspects going on. But it was an odd day today. The market never went below its opening price. We essentially were up all day on the Dow. At some points, the S&P and NASDAQ were a little down,

but there was a huge rally up. At one point, the Dow was up 530 points. You recall it was up over 400 yesterday, up over 400 Friday. So there's a pretty significant rally going on. Then that came all the way back close to the even level of the day. Gave up most of that 530 points, but then went up 334 points. So the Dow closing up 334, up just a tad over 1%. The S&P up about half a percent. The NASDAQ up about half a percent. The 10-year bond yield, there's a decent rally in bonds today.

The 10-year yield fell eight basis points. The materials sector was the top performing sector of the day, up 1.68%. The only negative sector was consumer discretionary. It was down 0.3%. That's been one of the worst sectors all year. Crude oil was down three and a half, although the energy sector actually had a nice return. And so crude closed close to $89 a barrel still. We're going to have more to say on the energy sector in our election issue tomorrow, as well as in D.C. today on Monday, excuse me, in Dividend Cafe on

Friday. Okay. So economically, the NFIB Small Business Optimism Index came out for the month of October. It fell one point, not a lot, but it fell a little. And then I just want to keep it on your radar that the CPI number comes out on Thursday. And so there are a lot of eyes on that, and the eyes are on that because they assume that the Fed's eyes are on it, and that could affect how much further they go and when they quote-unquote pivot and all of this stuff. So just brilliant analysis. Get ready for that special election issue tomorrow morning.

That's about all I have to say. Look at the written DC Today. There's a clip of, I was on CNBC last night talking stocks. I was on Charles Payne Fox earlier today talking about the election. So you may want to look at some of those videos. And then obviously I always have the Ask David that we get real life questions from readers and answer them. Today we talked about China. And so that's all in the written DC Today as well. This is probably the shortest one I've done since we moved to a daily DC Today podcast, but I got to run for this plane. So you will forgive me. And plus, you're probably going to vote yourself. Vote early, vote often, as we say. Thanks for listening to and watching

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