The KUIK Morning Market Report for Monday, August 7:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
10
points
22,103
7:19 AM
S&P500
Up
0.0%
percent
2,478
0.75
Nasdaq Composite
Up
0.2%
percent
6,366
13.99
30 Year Treasury
Up
1
Basis Points
2.85
Annual Yield
A two-day meeting of OPEC starts today in in Abu Dhabi. It will discuss members sticking with the pact inplemented in 2016 between the cartel and 10 other oil suppliers, including Russia. The deal so far hasn’t produced cuts in global output or inventories or an increase in prices. September crude is off 1.3% to $49.94 a barrel on the New York Merc. The market is waiting to see if Libya will join the output cap agreement. Libya and Nigeria, were exempted from the initial deal because their output was down due to militant attacks.
The US dollar is trying to extend its gains after last Friday’s employment report. The ICE Dollar Index which measures the currency against six major rivals, is little changed at 93.40. Firday is had its biggest one-day gain of the year. That ended a three-week streak of drops. The buck still down for the year, off than 8%. The turnaround came after the nonfarm payrolls report showed 209,000 new jobs were added to the U.S. economy in July, beating estimates of 175,000.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
