The KUIK Morning Market Report for Monday, July 24:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(37)
points
21,543
7:13 AM
S&P500
Down
-0.1%
percent
2,469
(3.25)
Nasdaq Composite
Up
0.1%
percent
6,393
5.07
30 Year Treasury
Up
2
Basis Points
2.82
Annual Yield
The IHS Markit flash U.S. manufacturing purchasing managers index rose to 53.2 in July from 52 in June. And that is a four month high. Readings increased for output, new orders, employment, and inputs. IHS said the increase is due to higher demand and clents being less risk averse. The flash U.S. services PMI meanwhile stayed at 54.2, tied for the best level since January. Readings above 50 indicate improving conditions. The flash readings are based on 85% to 90% of total survey responses each month.
The International Monetary Fund has lowered its U.S. economic growth forecasts for this year and next. In itsWorld Economic Outlook update released Sunday, the IMF cut its U.S. gross domestic product forecast for 2017 to 2.1% from a prior forecast of 2.3%, and its 2018 outlook to 2.1% from 2.5%. The downgrade for this year partly reflects weak first-quarter growth. The biggest factor behind growth revisions, especially for 2018, "is the assumption that fiscal policy will be less expansionary than previously assumed."
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
