The KUIK Morning Market Report for Friday, January 15:
Markets are down.
Index Direction Change Units Time
Dow Down (376) points 16,007 6:59 AM
S&P500 Down -2.3% percent 1,879
Nasdaq Composite Down -2.8% percent 4,488
30 Year Treasury Down (6) Basis Points 2.83 Annual Yield
Business conditions in the New York region worsened in January, according to the New York Fed. The Empire State manufacturing index sank to negative 19.4 in January from a revised negative 6.2 in December. This is the lowest level for the index, a key early reading on manufacturing, since April 2009, near the end of the last recession. Economists expected negative 4.5. Orders and shipments fell and the six-month outlook was weak hitting the lowest level since 2009.
The Commerce Department reports the producer price index, which includes wholesale costs, dropped 0.2% in December and that matched expectations. It fell 1% in 2015. The drop was largely the result of falling gasoline prices. They fell 8.3% in December and 29% in 2015. Energy prices tumbled 3.5% last month, while wholesale food fell 1.3% for the biggest drop in 10 months. Excluding food, gas, and trade margins, core prices rose 0.2% in December and just 0.3% for the full year.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/empire-state-factory-index-declines-sharply-in-january-to-lowest-level-since-recession-2016-01-15
http://www.marketwatch.com/story/us-producer-prices-fall-by-most-in-5-years-2016-01-15
For today’s Morning Market Report click to listen->