The KUIK Morning Market Report for Wednesday, May 3:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(36)
points
20,914
7:42 AM
S&P500
Down
-0.3%
percent
2,385
(6.47)
Nasdaq Composite
Down
-0.5%
percent
6,068
(27.48)
30 Year Treasury
Down
(2)
Basis Points
2.96
Annual Yield
ADP reported today that private-sector employment slowed down in April as employers added 177,000 jobs, down from a revised 255,000 jobs created in March.
The Fed is expected to keep rates on hold, but investors will scrutinize Fed statements for cluues about future rate increases.
March nonfarm payrolls, auto sales, housing starts, manufacturing production and the Empire State and Philly Fed manufacturing surveys were all weaker than expected, noted economists at Bank of America Merrill Lynch.
Fresh data from real estate web site Trulia shows that just 34.2% of homes have recovered their pre-recession peaks. What’s more, Trulia estimates it could take until 2025 for a true national recovery in home prices.
Serving the West Side first, I am Mike Elerath of BR Capital for 1360 KUIK.
