The KUIK Morning Market Report for Thursday, February 18:
Markets are mixed.
Index Direction Change Units Time
Dow Up 1 points 16,454 6:45 AM
S&P500 Down -0.2% percent 1,922
Nasdaq Composite Down -0.3% percent 4,521
30 Year Treasury Down (1) Basis Points 2.68 Annual Yield
The Labor Department reports that initial claims for unemployment benefits fell by 7,000 to 262,000 in the week ended February 13. That’s the lowest number since the last week of November. Continuing claims increased by 30,000 to 2.27 million the week ended February 6.
March Crude oil is up today by 3.43% to $31.70 a barrel on news Iran supports an agreement for other producers to freeze their production as a first step in stabilizing prices, even though Iran itself will not comply. It’s refusal to cap production beyond January levels, as agreed by Russia, Saudi Arabia, Qatar, and Venezuela earlier this week, raises the question of whether those countries will stay committed to the plan.
The Philadelphia Fed said its manufacturing index of regional manufacturing activity for February rose slightly to negative 2.8 from negative 3.5. Economists expected negative 3. Readings below zero indicate a contraction of activity. New orders fell to negative 5.0 from negative 1.9. the lowest level since November 2013. Shipments stayed positive but fell to 2.5 from 9.6 in January.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/jobless-claims-fall-to-262000-hit-3-month-low-2016-02-18
http://www.marketwatch.com/story/crude-adds-to-gains-after-iran-says-it-supports-production-freeze-2016-02-18
http://www.marketwatch.com/story/philly-fed-index-index-shows-manufacturing-contracts-for-sixth-straight-month-2016-02-18
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