The KUIK Morning Market Report for Tuesday, May 30:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(46)
points
21,034
7:13 AM
S&P500
Down
-0.2%
percent
2,411
(4.99)
Nasdaq Composite
Down
-0.1%
percent
6,204
(6.02)
30 Year Treasury
Down
(3)
Basis Points
2.89
Annual Yield
The Commerce Department reports consumer spending for April rose 0.4% for the biggest gain since December. That matched economists’ expectations. Incomes also rose 0.4%. April’s increase is evidence the economy is expanding more rapidly in the second quarter. Economists predict 3% growth. Inflation as measured by the Personal Consumption Expenditures index, rose 0.2% as well as the core measure that strips out food and energy. Inflationary pressures are receding because of lower gas prices. The rate of inflation over the past 12 months slowed to 1.7% in April from a multiyear high of 2.1% in February.
The S&P/Case-Shiller 20-city index rose 5.9% compared to a year ago in the first quarter. That was a tick higher than the 5.8% expected by economists and the strongest annual price gain since July 2014. The national index is up 5.8% for the year, the highest rate in 33 months. The 20-city index rose a seasonally adjusted 0.9% during the month, while the national index was up 0.3%.Seattle led, u\p 2.6% for the month and 12.3% for the year while Portland was up 1% for the month and 9.2% for the year.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
