The KUIK Morning Market Report for Wednesday, September 13:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(5)
points
22,113
7:21 AM
S&P500
Down
0.0%
percent
2,496
(0.83)
Nasdaq Composite
Down
-0.1%
percent
6,448
(6.45)
30 Year Treasury
Unchanged
–
Basis Points
2.78
Annual Yield
Nordstrom shares are up 5.4% to $47.50 a share on a report from CNBC that Nordstrom family members are close to choosing Leonard Green & Partners to help fund a buyout of the Seattle based department store chain. The family group owns 31.2% of the 116-year-old retailer. It said in June it was looking to take Nordstrom private. Leonard Green would provide about $1 billion in equity to help fund the deal.
U.S. inflation at the wholesale level rebounded toward the end of summer, but was most due to higher gasoline prices. The Commerce Department reports the producer price index rose 0.2% in August. Economists expected a 0.3% increase after a small drop in July. A nearly 10% jump in the cost of gas accounted for most of the increase. Wholesale food costs, posted their biggest decline in more than two years. However Hurricane Irma caused widespread fuel shortages in Florida that could keep pressure on fuel costs nationwide as supplies are rushed to the state.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
