October 27, 2017

Morning Market Report 10/27/2017

The KUIK Morning Market Report for Friday, October 27:

Markets are up.

Index	Direction	Change	Units	Index	Time	Change
Dow Jones Industrial Average	Up	12	points	23,413	7:17 AM
S&P500	Up	0.5%	percent	2,574	13.22
Nasdaq Composite	Up	1.6%	percent	6,663	106.09
30 Year Treasury	Down	(2)	Basis Points	2.94	Annual Yield

The Commerce Department reports the U.S. Gross Domestic Product grew at a 3% annual pace in third quarter despite damage from two hurricanes,. That was above economist expectations of a 2.7%, and only slightly below the 3.1% rate in the second quarter. The last time the economy had two consecutive quarters of above-3% growth was in 2014.
The University of Michigan reports consumer sentiment for October is the strongest it’s seen in 13 years. The final reading was 100.7, up from September’s 95.7. Economists expected 100.8. The average during the first ten months of 2017 at 96.7 has been the highest since 2000 when it averaged 108.5.
That GDP report and strong quarterly results from Amazon.com and Microsoft are leading the Nasdaq higher. The Dow is lagging behind the other equity gauges as shares of Chevron and Merck weigh on the price-weighted average.


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

http://www.marketwatch.com/story/economy-grows-at-3-rate-in-third-quarter-despite-negative-impact-from-hurricanes-2017-10-27
http://www.marketwatch.com/story/consumer-sentiment-in-october-at-a-13-year-high-even-as-final-reading-reduced-2017-10-27
http://www.marketwatch.com/story/dow-dragged-lower-by-chevron-merck-sp-500-nasdaq-rally-at-the-open-on-tech-earnings-2017-10-27

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