The KUIK Morning Market Report for Friday, June 9:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
77
points
21,259
7:20 AM
S&P500
Up
0.4%
percent
2,444
9.83
Nasdaq Composite
Up
0.3%
percent
6,340
18.38
30 Year Treasury
Up
2
Basis Points
2.88
Annual Yield
Election shocker in Britain. Prime Minister Theresa May’s decision to call an early election in a bid to increase her party’s majority and strengthen her hand in Brexit negotiations backfired. Voters dealt her a stinging rebuke and left her conservative Tories short of the 326 seats needed to win a majority in Britain’s 650-seat Parliament. The result leaves her in a weakened position, putting her leadership of her party in question and raising the possibility that talks for the U.K. to leave the EU after 44 years—already on a tight timetable—could be delayed. According to reports May has reached an “understanding” with the Democratic Unionist Party, a small Northern Irish party whose 10 seats are enough to give May enough votes to govern.
The pound is off 1.7% against the dollar which is helping the UK stock market. The FTSE 100 is up 0.8% as the weaker pound helps exports.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
