The KUIK Market Update for Friday, January 15:
Markets are down.
Index Direction Change Units Time
Dow Down (350) points 16,035 7:48 AM
S&P500 Down -1.9% percent 1,885
Nasdaq Composite Down -2.5% percent 4,500
30 Year Treasury Down (6) Basis Points 2.83 Annual Yield
Business conditions in the New York region worsened in January, according to the New York Fed. The Empire State manufacturing index sank to negative 19.4 in January from a revised negative 6.2 in December. This is the lowest level for the index, a key early reading on manufacturing, since April 2009, near the end of the last recession. Economists expected negative 4.5. Orders and shipments fell and the six-month outlook was weak hitting the lowest level since 2009.
Crude oil is down 5.0%, to $29.65 a barrel, on track for the lowest closing level since 2003. Investment sentiment has weakened as international sanctions against Iran’s nuclear program could be lifted as soon as this weekend, which is likely to lead to a gush of new oil hitting the market. Marketwatch reports that the Iranian oil minister has pledged to boost output by 0.5 million barrels per day within weeks of the end of sanctions and another 0.5 million in six months.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/empire-state-factory-index-declines-sharply-in-january-to-lowest-level-since-recession-2016-01-15
http://www.marketwatch.com/story/oil-plunges-into-the-20s-a-barrel-on-iran-supply-woes-2016-01-15
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