The KUIK Morning Market Report for Tuesday, January 5:
Markets are down slightly after yesterday’s big sell off.
Index Direction Change Units Time
Dow Down (29) points 17,121 7:12 AM
S&P500 Down -0.1% percent 2,012
Nasdaq Composite Down -0.1% percent 4,901
30 Year Treasury Up 2 Basis Points 3.01 Annual Yield
In China the Shanghai Composite Index closed down 0.3% at 3287.71, after falling as much as 3.2% and rising as much as 1%. Yesterday it lost 6.9% . One cause for the volatility in China’s markets is investors’ uncertainty about how the financial authority will handle a ban on selling by large shareholder which is set to expire on Friday. Analysts estimate the ban, one of the many bailout measures introduced during the summer stock crash, would release around $153 billion in shares, a prospect that triggered yesterday’s selloff. On Tuesday before China markets opened, the stock regulator aimed to quell investor worries, saying such large scale, coordinated selling was “unrealistic,” and that more guidelines would be announced later in the day. The People’s Bank of China injected almost $20 billion in short-term funds into the country’s financial system
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/asian-markets-steady-as-china-moves-to-calm-nerves-2016-01-04
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