Morning Market Report 7/10/2013

July 10, 2013
The KUIK Morning Market Report for Wednesday, July 10:
Markets are up.
Index Direction Change Units Last Time Change
Dow Up                     18 points           15,319 7:02 AM
S&P500 Up 0.04% percent             1,653             0.65
Nasdaq Composite Up 0.16% percent             3,510
30 Year Treasury Up                       0 Basis Points               3.66 Annual Yield
Markets are quiet as investors wait for the release of the minutes from the Federal Reserve’s last meeting and get clues on the policy moves ahead.  The Fed will release the minutes of the June 18-19 Federal Open Market Committee meeting at 11 am Pacific time.
The number of mortgage applications filed in the U.S. last week fell 23% from the prior week as interest rates climbed according to the Mortgage Bankers Association.  On a seasonally-adjusted basis that includes a factor for the July 4 holiday, the market composite index fell 4% from a week earlier, according to the weekly survey covering more than three-quarters of all U.S. residential-mortgage applications. MBA also reported the refinance index slipped 4% and the adjusted purchasing index was down 3%. The average rate on 30-year fixed-rate mortgages 4.68%, and 3.76% got 15-year fixed-rate.
The Lone Ranger may give Disney a big write off.  The movie which stars Johnny Depp brought in just $48.9 million in its first five days in theaters.  The film cost between 215 and 250 million to produce.  Now Disneyis expected to take a write-down of $100 million or more on the movie in its fourth quarter.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/stock-futures-lower-ahead-of-fed-minutes-bernanke-2013-07-10?dist=markets
http://www.marketwatch.com/story/us-mortgage-applications-down-23-last-week-mba-2013-07-10-94852252
http://www.marketwatch.com/story/lone-ranger-may-cause-100-mln-disney-writedown-2013-07-09
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