The KUIK Morning Market Report for Thursday, October 12:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(23)
points
22,849
7:10 AM
S&P500
Down
-0.2%
percent
2,551
(4.08)
Nasdaq Composite
Down
-0.1%
percent
6,596
(7.37)
30 Year Treasury
Down
(1)
Basis Points
2.87
Annual Yield
The Labor Department reports initial claims for unemployment benefits fell by 15,000 to 243,000 last week. That’s the lowest level in six weeks. Economists expected 250,000. Continuing claims fell by 32,000 to 1.89 million. That’s the lowest number since the end of 1973. Fewer Americans sought unemployment benefits as more people went back to work in Texas and Florida. Hurricanes Irma and Harvey temporarily prevented many people from working and claims are still unusually low in Puerto Rico after Hurricane Maria. The lack of electricity has prevented people from filing claims and the island from processing them. These claims could surge in the next few weeks.
U.S. wholesale inflation was higher in September, The producer price index jumped 0.4% and that matched forecasts. Core PPI which strips out food, energy and trade margins rose a smaller 0.2%. The increase pushed the 12-month rate of wholesale inflation to 2.6%, the highest level since February of 2012.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
