The Dividend Cafe - Thursday - June 18, 2026

Episode Date: June 18, 2026

On Thursday, June 18, David Bahnsen recapped a strong market day led by the Nasdaq (up nearly 500 points, just under 2%), with the S&P 500 up just over 1% and the Dow up 72 points. Technology, consumer discretionary, and communication services led, while energy, financials, healthcare, and consumer staples lagged. He highlighted SpaceX’s roughly $2.5 trillion market cap (down from nearly $3 trillion days earlier after a 17–18% drop) and contrasted it with Amazon and Microsoft profitability versus SpaceX’s $19 billion in sales and a $9 billion loss. Economic data showed initial jobless claims at 226,000 (four-week average 223,000). Bond yields reflected further curve flattening: the 10-year fell to 4.45% while shorter maturities rose. 00:00 Welcome and Setup 00:23 Market Rally Snapshot 00:44 Sector Winners and Losers 01:07 SpaceX Valuation Reality Check 02:33 Jobless Claims Update 02:54 Yield Curve Flattening 03:28 Wrap Up and Tomorrow Preview Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. Well, hello and welcome to the Dividend Cafe Daily Recap. It is Thursday, June the 18th. This is David Bonson. Once again, filling in for my partner, Brian Saitel. I'm very much looking forward to the Friday Dividendon Cafe hitting your inboxes tomorrow, dealing with the subject of whether or not this is the dress. How do we want to think about the current state of the market? Current state of the market was good today, particularly for the NASDAQ, up nearly 500 points, which was nearly, but not quite 2%. The SMP was up just over 1%. The Dow was up 72 points itself, only 14 basis points.

But you had a very solid rally in markets. The sectors that did best today were technology up 2.5%. consumer discretionary up one and three quarters, communication services up over one. The laggards were energy down 1.73 and financials down nearly one, health care down, consumer staples down. So one of those days. I want to point out, as SpaceX right now has a market capitalization of two and a half trillion dollars. It was down the last couple of days. it had been at $3 trillion just a couple days ago, just like literally a few points short of a $3 trillion market cap. The stock, I believe, is down 17 or 18 percent in the last couple of days.

So a couple of days ago, that market cap was higher than Amazon and higher than Microsoft. And the reason I bring that up is that Amazon does $91 billion of profits on sales of $700,000, $343 billion. Microsoft does $125 billion of earnings, profits on sales of nearly $320 billion. And yet SpaceX did a whopping $19 billion of sales and lost $9 billion. Now, of course, the revenues are growing and people are looking to the future. But I just want to give you that contrast of what we're dealing. with when we talk about a company like SpaceX being a two and a half trillion, and a couple of days ago, three trillion market valuation and what these comparative things kind of say about this

context. And I think you'll find more to take away in tomorrow's Dividing Cafe. In terms of economic data, the only thing I want to point out is initial jobless claims came in at $226,000. That leaves our four-week average at $223,000. The numbers are still range. bound. They're up a few thousand per week over the last several weeks, but still right in a very healthy range and reasonably benign. Today, bond yields further curve tightening, flattening,

you have the 10-year that was down one basis point. So the 10-year bond yield was down to 4.45% but then you had the one year up three basis points, the two year up, one and a half. So just that spread between the short end and the long and narrowing further in the aftermath of Chairman Warsh's comments yesterday. But that's the scoop in markets today. We're going to leave it there in the daily recap, and I'll see you in tomorrow's Dividendon Cafe. Thanks for listening. The Bonson Group is a group of investment professionals registered with Hightower Securities LLC, member FINRA and SIPC, with Hightower Advisors LLC, a registered investment advisor with the SEC.

Securities are offered through Hightower Securities LLC. Advisory services are offered through Hightower Advisors, LLC. This is not an offer to buy or sell securities. No investment process is free of risk. There is no guarantee that the investment process or investment opportunities referenced TIRION will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities, reference TIRAN, may not be suitable for all investors.

All data and information referenced herein are. from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary and does not constitute investment advice. The Bonsor Group in Hightower shall not in any way be liable for claims and make no express or implied representations or warranties as to the accuracy or completeness of the data and other information or for statements or errors contained in or emissions from the obtained data and information referenced herein.

The data and information are provided as of the date reference, such data and information information are subject to change without notice. This document was created for informational purposes only, the opinions expressed, are solely those of the Bonson Group and do not represent those of High Tower Advisors LLC or any of its affiliates. High Tower advisors do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax advice or tax information. Tax laws vary based on the client's individual circumstances and can change at any time without notice. Clients are urged to consult their tax or legal advisor for any related questions.