Monday - June 22, 2026

Today's Post - https://bahnsen.co/4vxzpNy David Bahnsen hosts the Monday Dividend Cafe from Grand Rapids during the Acton Institute Symposium, noting a relatively quiet day that allows more market focus. The Dow rose 148 points while the S&P fell 0.37% and the Nasdaq dropped 1.33% amid weakness in communication services and mega-cap names. He highlights strong year-to-date energy performance, surprising small-cap outperformance, and argues much of the market’s gain is concentrated in AI/AI-adjacent and energy. Bahnsen cites speculative behavior in the SpaceX IPO, including extreme trading volume, limited float, and a sharp decline from recent highs. Bonds sold off with the 10-year at 4.51% and the 2/10 spread flattening to 28 bps from ~80 bps. He shares an anecdote about Allbirds rebranding to “Smartbird” to pivot to AI, covers UK political instability, Iran-US talks, pending US housing legislation, mortgage rates, Fed hike probabilities, Alan Greenspan’s death at 100, and oil falling to $75.19 as Hormuz uncertainty persists. 00:00 Welcome and agenda 01:24 Market close snapshot 02:19 Sector leadership and breadth 03:06 Small caps surprise strength 03:49 SpaceX IPO mania 06:23 Rates and yield curve shift 07:13 AI bubble anecdote 08:57 UK politics and US policy 09:59 Fed odds and Greenspan 11:08 Oil and energy outlook 12:06 Wrap up and reminders Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com