The KUIK Morning Market Report for Tuesday, August 1:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
63
points
21,954
7:15 AM
S&P500
Up
0.2%
percent
2,476
5.66
Nasdaq Composite
Up
0.2%
percent
6,361
12.64
30 Year Treasury
Down
(1)
Basis Points
2.89
Annual Yield
The Commerce Department reports consumer spending rose just 0.1% in June, matching the smallest increase of 2017 and in line with expectations. Households spent more on health care, but they saved on gasoline because of cheaper prices at the pump. Income growth and inflation were unchanged. Incomes were flat for the first time since November. Despite the stable economy and the best labor market in years, Americans remain cautious on spending. They are spending enough to sustain an economy in its ninth year of expansion and encourage businesses to hire more workers, but not enough to deliver faster growth. The last time U.S. gross domestic product topped 3% was in 2005. The Personal Consumption Expenditures index was unchanged with the annual rate of inflation at 1.4%, down from 2.2% earlier in the year.
Sales for major U.S. auto makers fell in July. General Motors reported a 15.4% sales drop in July compared to the same period a year ago, selling 226,107 cars and trucks. Ford Motor Co.’s said sales slid 7.4% to 199,318 vehicles.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
