The KUIK Morning Market Report for Thursday, January 14:
Markets are mixed.
Index Direction Change Units Time
Dow Up 4 points 16,158 7:20 AM
S&P500 Up 0.4% percent 1,897
Nasdaq Composite Up 0.1% percent 4,532
30 Year Treasury Unchanged – Basis Points 2.85 Annual Yield
China’s Shanghai Composite Index posted wild swings early today, taking out its lows from last summer’s selloff, before rebounding and closing up 2% to 3008. In Europe the Stoxx Europe 600 index fell 2.5% to 336.06, on track for its lowest close since January 2015, according to FactSet. Crude oil prices are also volatile. February crude hit a low of $30.28 a barrel. it’s currently up 1.3% to $30.84.
U.S.crude oil inventory data added to the bearish sentiment. The U.S. Energy Information Administration reports country’s crude-oil inventories rose to 482.6 million barrels last week, bacl near the 80-year high reached in April. Stocks of refined products also rose. Crude stockpiles are likely to continue rising in the coming weeks as refiners buy less oil during seasonal maintenance. U.S. oil production also continues to grow. It rose to 9.2 million barrels a day last week.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/european-stocks-set-to-hit-1-year-low-as-oil-china-spook-investors-2016-01-14
http://www.marketwatch.com/story/brent-crude-taps-under-30-a-barrel-as-investors-begin-to-panic-about-iran-oil-2016-01-14
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