The KUIK Morning Market Report for Tuesday, February 2:
Markets are down.
Index Direction Change Units Time
Dow Down (220) points 16,225 7:09 AM
S&P500 Down -1.2% percent 1,916
Nasdaq Composite Down -0.9% percent 4,579
30 Year Treasury Down (9) Basis Points 2.69 Annual Yield
The Shanghai Composite Index closed up 2.3% at 2,749.57 but is down 47% from its peak last June. It rose in the morning on the news that the People’s Bank of China added $15.2 billion in short-term loans to money markets. The bank’s move holds off potential liquidity squeezes ahead of the weeklong Lunar New Year holiday that starts Feb. 7.
The White House announced that President Obama will meet one-on-one today with Paul Ryan for the first time since the Wisconsin Republican became House speaker. They will have a private lunch at the White House following a larger meeting in the Oval Office that will include Senate Majority Leader Mitch McConnell. The president and Republican congressional leaders will discuss their legislative priorities for the rest of this year.
March crude is off 5% to $30.05 on the New York Merc. OPEC production cuts look unlikely.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/china-shares-gain-as-other-asian-markets-slip-2016-02-01
http://www.marketwatch.com/story/obama-ryan-to-lunch-at-white-house-with-full-menu-of-issues-2016-02-02?link=MW_home_latest_news
http://www.marketwatch.com/story/crude-prices-drop-to-nearly-one-week-low-as-supply-worries-build-2016-02-02
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