| The KUIK Market Update for Tuesday, July 15: | |||||||
| Markets were up at the open but are now selling off. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (14) | points | 17,042 | 7:43 AM | ||
| S&P500 | Down | -0.3% | percent | 1,972 | (5.22) | ||
| Nasdaq Composite | Down | -0.7% | percent | 4,411 | (29.77) | ||
| 30 Year Treasury | Up | 2 | Basis Points | 3.39 | Annual Yield | ||
| The Federal Reserve Bank of New York reports the Empire State manufacturing survey climbed to 25.6 in July, up from 19.3 in June, the highest level since April 2010. Economists expected 17.3, and readings above zero mean conditions are improving. | |||||||
| June retail sales were soft according to the Commerce Department. Alhtough slightly better than April and May, they rose by a seasonally adjusted 0.2%, or by 0.4% excluding autos. Economists expected sales to rise by 0.6% overall and by 0.6% minus autos. | |||||||
| Federal Reserve Chairman Janet Yellen is in front of the Senate Banking Committee delivering the semiannual monetary policy report. She said he Federal Reserve may have to raise interest rates sooner and higher than expected if the labor market keeps surprising on the upside. But she also said that considerable uncertainty surrounds the economic outlook and the Fed’s decisions about interest rates will depend on the data. Finally, she said that valuations in some sectors appear to be stretched –particularly smaller firms in the social-media and biotechnology industries, despite a downturn in stock prices for such firms early in the year. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/empire-state-index-reaches-four-year-high-in-july-2014-07-15?dist=beforebell | |||||||
| http://www.marketwatch.com/story/retail-sales-rise-at-slowest-pace-in-5-months-2014-07-15?dist=beforebell | |||||||
| http://blogs.marketwatch.com/thetell/2014/07/15/stock-market-live-blog-dow-eyes-3-day-win-streak-goldman-j-p-morgan-earnings-impress/ | |||||||
| For today’s Market Update Report click to listen-> | |||||||