Morning Market Report 5/21/2014

May 21, 2014
The KUIK Morning Market Report for Wednesday, May 21:
Markets are up.
Index Direction Change Units Time Change
Dow Up                    124 points           16,499 7:03 AM
S&P500 Up 0.6% percent             1,883            10.57
Nasdaq Composite Up 0.6% percent             4,121            24.23
30 Year Treasury Up                       4 Basis Points               3.42 Annual Yield
The U.S. stock market opened higher today with investors focused on earnings from retailers Target and Tiffany and speeches from several Federal Reserve officials, including Fed chairman Janet Yellen. Investors are waiting for the minutes from the latest Federal Open Market Committee meeting due at 11 am Pacific timefor clues about the first rate hike.
The American Petroleum Institute yesterday said crude supplies dropped a whopping 10.3 million barrels in the week ended May 16. Analysts surveyed by Platts were forecasting a drop of only 300,000 barrels. The more closely followed Energy Information Administration  report will be released later this morning.July Nymex crude rose 70.8%, to $103.12 a barrel.
Marketwatch reports that  China has banned the use of Windows 8 on all government computers, according to the Central Government Procurement website. The notice didn’t specify the reasons for the move. Microsoft’s China unit responded on yesterday that they were “very surprised” by the move, according to reports by Chinese media.  The move coincided with China’s condemnation of U.S. charges against members of its military for alleged cyber attacks.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/us-stocks-open-up-fomc-minutes-ahead-2014-05-21?link=MW_Nav_MA
http://www.marketwatch.com/story/oil-futures-top-103-ahead-of-supply-data-2014-05-21?dist=markets
http://www.marketwatch.com/story/china-shocks-microsoft-with-windows-8-ban-2014-05-21
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