The DC Today - Wednesday November 2, 2022

I would have to go back and look at the exact shape but I believe the market action today was quite identical to the last time the Fed announced a known rate hike, where the market bad been down, rallied huge to the upside on the news, sold off substantially, rallied all the way back, then sold off into the close with no new news. It’s all just so, so dumb. But I have more to say than that here …

MARKET ACTION

Dow: -505 points (-1.55%) S&P: -2.50% Nasdaq: -3.36% 10-Year Treasury Yield: 4.09% (+4 basis points) Top-performing sector: Utilities (-1.02%) Bottom-performing sector: Consumer Discretionary (-3.79%) WTI Crude Oil: $89.35/barrel (+1.11%) Key Economic Point of the Day:

ADP private sector number came in at +239k for October vs. 198k expected. BLS jobs report is Friday

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