The KUIK Morning Market Report for Wednesday, June 14:
Markets are flat.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
1
points
21,330
7:12 AM
S&P500
Down
0.0%
percent
2,440
(0.39)
Nasdaq Composite
Up
0.0%
percent
6,223
2.44
30 Year Treasury
Down
(6)
Basis Points
2.80
Annual Yield
The Commerce Department reports sales at retailers nationwide fell 0.3% in May, for the biggest drop since January 2016. Economists expected sales in May to be unchanged from April. Most of the drop was due to lower gasoline prices. Sales fell 2.4% at gas stations and fewer Americans buying new cars and trucks. Sales at auto dealers fell 0.2% last month. Auto sales account for about 20% of all U.S. retail sales. Sales on the internet jumped 0.8%. But sales at traditional department stores fell 1% for the worst performance in nearly a year.
The Commerce Department also reports the consumer price index, or cost of living, fell by a seasonally adjusted 0.1% in May, helped by that drop in gasoline prices. Economists expected no change. The rate of inflation over the past 12 months slowed to 1.9% in May from a five-year high of 2.7% in February.
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The Federal Reserve winds up its two-day policy meeting today with a press conference from Chairman Janet Yellen at 11:30 am Pacific time.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
