The DC Today - Thursday October 20, 2022

Episode 495: The DC Today - Thursday October 20, 2022

Lots of updates from this busy Thursday market day.

Show notes

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 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)


Trevor Cummings

Trevor Cummings

Trevor is a Partner, Director of our Private Wealth Advisor Group, and Author of Thoughts on Money.

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