June 12, 2023

The DC Today - Monday, June 12, 2023

10 minutes

Today's Post - https://bahnsen.co/3N1hlWQ

Futures opened flat last night and stayed flat throughout the night up until my early morning wake-up. They inched higher in the hours before the opening.

The market opened up over +100 points and stayed up through most of the day, closing near a high

The Dow closed up +190 points (+0.56%) with the S&P 500 up +0.94% and the Nasdaq +1.53%.

There are now less than 3,000 companies active and trading in U.S. public markets, versus almost 10,000 that are backed by private equity, and nearly 40,000 backed by venture capital. There are 32 million small/mid/family businesses. Naturally, the 3,000 public companies are what the media focuses on as a bellwether of the U.S. economy.

A great call we made in 2020 was a huge boom of M&A that would come out of the low-rate and post-COVID moment. Low rates were an economic argument; the post-COVID observation was sociological (many deals got done or accelerated behind newfound catalysts). That pushed up the values of investment banks, private equity shops, private lenders, and others in the advice chain of this financial ecosystem. Massive M&A peaked 18 months ago, re-pricings have taken place, and in the ebb and flow of the M&A world we would not be surprised to see a new era of financial activity take place on the other side of this.

The ten-year bond yield closed today at 3.73%, down one basis point on the day

Top-performing sector for the day: Technology (+2.07%)

Bottom-performing sector for the day: Energy (-0.97%)

Links mentioned in this episode:

TheDCToday.com

DividendCafe.com

TheBahnsenGroup.com

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