The KUIK Morning Market Report for Friday, July 28:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(28)
points
21,769
7:16 AM
S&P500
Down
-0.3%
percent
2,468
(7.18)
Nasdaq Composite
Down
-0.3%
percent
6,363
(18.85)
30 Year Treasury
Down
(1)
Basis Points
2.92
Annual Yield
The Treasury Department announced that it will wind down the myRA program. It was created by the Obama administration and intended for people who don’t have workplace savings programs. The Treasury said the program, which cost nearly $70 million since it was created, was not cost effective. Participants are being notified of the upcoming changes, including information on moving their myRA savings to another Roth IRA. About 20,000 people are enrolled in the program.
The Commerce Department reports the gross domestic product, grew at an annual rate of 2.6% in the second quarter. That was than double the revised 1.2% growth in the first quarter. The economy got a boost from a rebound in consumer spending, up 2.8%. It got a smaller lift from business. Firms increased fixed investment just 2.2% in the spring after a 8.1% gain in the first quarter,
The final reading of the University of Michigan’s consumer sentiment index for July was 93.4 from a preliminary 93.1. That’s down from June’s 95.1. The difference in the expectations index between Democrats and Republicans was 45 points.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
