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The DC Today - Thursday October 20, 2022
Trevor Cummings here, and I am honored to be joining you for the third day in a row. As mentioned yesterday, David Bahnsen will be back tomorrow with his weekly commentary – Dividend Cafe. Additionally, I invite you to subscribe to my weekly writings at thoughtsonmoney.com.
Now, off to the updates from this busy Thursday market day…
Dow: -91.01 (0.30%)
S&P: -0.80%
Nasdaq: -0.61%
10-Year Treasury Yield: 4.232% (+10.3 basis points)
Top-performing sector: Communication Services (+0.36%)
Bottom-performing sector: Utilities (- 2.51%)
WTI Crude Oil: $85.71/barrel (+0.19%)
Key Economic Points of the Day:
• Liz Truss has resigned as U.K. Prime Minister
◦ This was the shortest tenure in British history
◦ Note, her Finance Minister was dismissed from his post after just 38 days
• Jobless claims came in at 214,000 on an expectation of 230,000
◦ The impacts of Hurricane Ian on the data looked to be much lighter this week
◦ The total number of people collecting unemployment benefits sits at 1.39 million, near a 50-year low
◦ In simple terms, the labor market remains tight
• As to be expected, U.S. existing-home sales were down
◦ The figures came in at 4.7 million, nearly on the dot with expectations
◦ This is eight consecutive months of decline and, when compared to September 2021, a slide of 23.8%
◦ Reminder, mortgage interest rates are skyrocketing, the general population is on edge regarding inflation and recession, and this combination of anxiety and affordability is slowing down activity
• The Philadelphia Fed manufacturing index published today
◦ This regional look is meant to give a sneak peek at what the national ISM data might look like next month
◦ the numbers came in at -8.7 on an expectation of -5 (note, any number below 0 represents declining business conditions)
TheDCToday.com
DividendCafe.com
TheBahnsenGroup.com
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By The Bahnsen Group
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Trevor Cummings here, and I am honored to be joining you for the third day in a row. As mentioned yesterday, David Bahnsen will be back tomorrow with his weekly commentary – Dividend Cafe. Additionally, I invite you to subscribe to my weekly writings at thoughtsonmoney.com.
Now, off to the updates from this busy Thursday market day…
Dow: -91.01 (0.30%)
S&P: -0.80%
Nasdaq: -0.61%
10-Year Treasury Yield: 4.232% (+10.3 basis points)
Top-performing sector: Communication Services (+0.36%)
Bottom-performing sector: Utilities (- 2.51%)
WTI Crude Oil: $85.71/barrel (+0.19%)
Key Economic Points of the Day:
• Liz Truss has resigned as U.K. Prime Minister
◦ This was the shortest tenure in British history
◦ Note, her Finance Minister was dismissed from his post after just 38 days
• Jobless claims came in at 214,000 on an expectation of 230,000
◦ The impacts of Hurricane Ian on the data looked to be much lighter this week
◦ The total number of people collecting unemployment benefits sits at 1.39 million, near a 50-year low
◦ In simple terms, the labor market remains tight
• As to be expected, U.S. existing-home sales were down
◦ The figures came in at 4.7 million, nearly on the dot with expectations
◦ This is eight consecutive months of decline and, when compared to September 2021, a slide of 23.8%
◦ Reminder, mortgage interest rates are skyrocketing, the general population is on edge regarding inflation and recession, and this combination of anxiety and affordability is slowing down activity
• The Philadelphia Fed manufacturing index published today
◦ This regional look is meant to give a sneak peek at what the national ISM data might look like next month
◦ the numbers came in at -8.7 on an expectation of -5 (note, any number below 0 represents declining business conditions)
TheDCToday.com
DividendCafe.com
TheBahnsenGroup.com
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