August 2, 2017

Market Update Report 8/2/2017

The KUIK Market Update for Wednesday, August 2:

Markets are mixed.

Index	Direction	Change	Units	Index	Time	Change
Dow Jones Industrial Average	Up	21	points	21,985	8:21 AM
S&P500	Down	-0.2%	percent	2,470	(5.98)
Nasdaq Composite	Down	-0.6%	percent	6,327	(35.92)
30 Year Treasury	Down	(2)	Basis Points	2.83	Annual Yield

ADP reports private sector hiring remained strong in July as employers added 178,000 jobs. Economist expected a gain of 173,000 jobs compared with an original reported increase of 158,000 in June which was revised upward to 191,000.
Republican Senators David Perdue and Tom Cotton will join President Trump at the White House today to unveil legislation proposing a skills-based immigration system, according to the Washington Examiner.
The Federal Reserve is tightening monetary policy at such a gradual pace that it doesn’t have to change course even with the fluctuations in economic and inflation data, said Cleveland Fed President Loretta Mester today in Cincinnati in a speech to the Community Bankers Association of Ohio. She said she thinks the central bank can stick to the gradual approach, which will help prolong the expansion. Some analysts think the Fed should pull back on rate hikes given the recent soft data on inflation. The Personal Consumption Expenditures index, the Fed’s preferred inflation gauge, was 1.4% in June, down from 2.2% earlier in the year. The core rate has also softened, down to 1.5% in June from 1.9% in January.


Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.

http://www.marketwatch.com/story/private-sector-continues-to-see-strong-job-gains-in-july-adp-says-2017-08-02
http://www.marketwatch.com/story/trump-senators-to-unveil-skills-based-immigration-bill-democrats-surge-ahead-on-generic-ballot-poll-2017-08-02
http://www.marketwatch.com/story/fed-should-keep-to-its-slow-tightening-pace-even-with-tepid-inflation-mester-says-2017-08-02

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