The KUIK Morning Market Report for Wednesday, November 8:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(30)
points
23,527
7:27 AM
S&P500
Down
-0.1%
percent
2,587
Nasdaq Composite
Down
-0.1%
percent
6,763
F
30 Year Treasury
Unchanged
–
Basis Points
2.77
Annual Yield
Big banks are lower this morning, as investors evaluate the impact of big Democratic election wins in Virginia and New Jersey. "If Virginia signals increased chances that control of the House flips in 2018 , then investors need to start thinking about Rep. Maxine Waters (D-CA) as the next chairman of the House Financial Services Committee. " says KBW’s Brian Gardner. He also said there’s a possibility the loss will cause the tax reform package to be modified in a more populist way. Bank of America is down 1.5% to $26.76 a share.
Marketwatch reports the tax plan proposed by Congressional Republicans will likely cut creation of new affordable rental housing. The plan released last week by the House Ways and Means Committee preserves a program called the Low Income Housing Tax Credit, but effectively cuts it. That’s because about half of all low-income housing development is done in conjunction with private activity bonds, which the plan scraps. The tax-exempt bonds are issued by municipalities for special projects, often with private developers. In each of the five years after the recession, an average of about $5 billion of the bonds were issued for housing, according to the Council of Development Finance Authorities. Issuance surged to $14 billion in 2016.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
