The KUIK Morning Market Report for Tuesday, January 26:
Markets are mixed.
Index Direction Change Units Time
Dow Up 134 points 16,016 7:00 AM
S&P500 Up 0.6% percent 1,888
Nasdaq Composite Down -0.1% percent 4,514
30 Year Treasury Down (2) Basis Points 2.80 Annual Yield
Home prices are up. The S&P/Case-Shiller 20-City Composite Index rose 0.1% in the three months ending in November, and up 5.8% annually. That’s up from 5.5% annually for the period ending in October, and the strongest reading since July 2014. Portland was up the most, rising 11.1% compared to a year ago followed by San Francisco at 11%, and Denver at 10.9%. While the composite index is still about 12% lower than the peak set in summer 2006, Dallas, Denver, and Portland have all touched fresh highs and San Francisco is even.
The Congressional Budget Office reported yesterday it expects corporate tax revenue as a percentage of the economy to fall to 1.6% in 2026, or $434 billion, down from 1.8% in 2016, or $327 billion. One of the reasons is deals like the planned merger of Johnson Controls and Tyco International , which was announced Monday. The combined company would be headquartered in Ireland, allowing it to pay a lower corporate tax rate than it would in the U.S.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/home-prices-accelerate-to-fastest-pace-in-16-months-in-november-spcase-shiller-2016-01-26
http://www.marketwatch.com/story/inversions-like-johnson-controls-tyco-to-hit-corporate-tax-collection-cbo-says-2016-01-25
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