The DC Today - Thursday, August 24, 2023

Today's Post - https://bahnsen.co/44urVw5

Nasdaq futures were up over 1% this morning with technology exuberance following NVidia’s big earnings beat last night (the stock itself was up 10% pre market). So why did the stock end up closing just flat? Valuations do matter. We talk about it often but excitement over AI or other shiny object parts of the market get priced in with lofty expectations almost always well ahead of any reasonable realities (aka buy the rumor sell the news).

Down day in markets overall in a wide trading range on they day. The Dow was up over 220 points and closed down -373 points. The Nasdaq was up over 1% this morning and closed down -1.87%, and yields were higher across the curve. The Fed economic policy forum started today in Jackson Hole WY, with comments out tomorrow. We had jobless claims come in better than expected, and headline durable goods orders miss, and our August doldrums in markets continued so a few things to walk through in todays video podcast link below.

Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com