The KUIK Morning Market Report for Thursday, June 15:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(88)
points
21,284
7:25 AM
S&P500
Down
-0.8%
percent
2,419
(19.02)
Nasdaq Composite
Down
-1.4%
percent
6,109
(86.36)
30 Year Treasury
Up
2
Basis Points
2.80
Annual Yield
The Federal Reserve reports industrial production was flat in May. April production was revised upward to a 1.1% gain from a previously reported 1.0. That’s the biggest monthly gain since May 2010. Manufacturing sector fell 0.4% after a 1.1% gain in April. That was the second decline in the past three months. Mining output jumped 1.6% in May. It’s increased about 1.5% a month on average so far this year. The oil-and-gas sector continues to recover after the sharp decline in oil prices curtailed domestic production. Output in the sector is still 10% below its December 2014 peak. Utilities output rose 0.4%, for the third straight monthly gain. Capacity utilization inched down to 76.6% in May from 76.7% in April.
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The National Association of Home Builders/Wells Fargo housing market index for May fell 2 points to 67, down from its initial reading of 70. Readings above 50 indicate that more builders view conditions as good than poor. Current sales conditions, sales expectations, and buyer traffic all fell.
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Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
