The DC Today - Tuesday, August 29, 2023
The third up day in a row in markets today in a broad-based rally that closed at the high.
The Dividend Cafe · The Bahnsen Group
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Show Notes
Today's Post - https://bahnsen.co/3L3fHUy
The third up day in a row in markets today in a broad-based rally that closed at the high. The S&P 500 is still down 2% for the month, but with three trading days left in the last week of summer, we’ll see if we get a little more back before Labor Day weekend. Yields were lower across the entire curve today, with treasuries rallying following a much lower-than-expected July JOLTS new jobs report. Following yesterday’s underwhelming market response to stimulus, China is considering having its major banks decrease mortgage rates on about 38 trillion yuan ($5T) worth of existing loans which moved markets there up 2% on the day. Whether those efforts will prove effective will have to be seen, but I do think it’s putting a bid in global energy prices, which were up again today.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com