Market Update Report 5/15/2017 | Beacon Rock Wealth Advisors

The KUIK Market Update for Monday, May 15:

Markets are up.

Index	Direction	Change	Units	Index	Time	Change
Dow Jones Industrial Average	Up	73	points	20,970	7:43 AM
S&P500	Up	0.4%	percent	2,402		10.62
Nasdaq Composite	Up	0.4%	percent	6,146		24.31
30 Year Treasury	Up	1	Basis Points	3.00	Annual Yield

The New York Fed reports the Empire State manufacturing survey fell to negative 1 in May from April’s positive 5.2 and far below March’s 16.4. Economists expected 7 where readings below zero indicate worsening conditions. New-orders fell 11.4 points to negative 4.4 in May, its lowest level in a year. Unfilled orders index dropped 16.1 points to negative 3.7.

June crude oil is up 2.7% to $49.12 a barrel after the energy ministers of Saudi Arabia and Russia said in a joint statement that they endorse a nine-month extension to current production cuts—three months longer than expected. The proposed extension still needs to be confirmed when the 13 members of OPEC gather for a meeting in Vienna on May 25.

Shares of Alphabet are up gained 0.5% after Waymo LLC, the driverless car division of the Google parent, and ride-hailing startup Lyft said yesterdeay they would work together to develop autonomous vehicle technology. That announcement is seen as a blow to rival Uber as the company is headed for a court battle with Alphabet over a key technology for self-driving cars.



Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.

http://www.marketwatch.com/story/empire-state-index-slumps-in-may-to-first-negative-reading-since-election-2017-05-15
http://www.marketwatch.com/story/us-stocks-poised-for-higher-open-as-saudi-russia-surprise-lifts-oil-prices-2017-05-15
http://www.marketwatch.com/story/us-stocks-poised-for-higher-open-as-saudi-russia-surprise-lifts-oil-prices-2017-05-15


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