The KUIK Morning Market Report for Friday, February 19:
Markets are down.
Index Direction Change Units Time
Dow Down (91) points 16,321 7:05 AM
S&P500 Down -0.8% percent 1,902
Nasdaq Composite Down -0.6% percent 4,461
30 Year Treasury Down (2) Basis Points 2.61 Annual Yield
The Labor Department reports the consumer price index was unchanged in January. Economists expected a seasonally adjusted 0.1% drop. Over the past 12 months the main CPI has risen by an unadjusted 1.4%, double the rate in December and the fastest pace since December 2014. Core prices are up 2.2%, the biggest increase since the summer of 2012. Energy prices fell 2.8% in January, led by another drop in gasoline. Food prices were unchanged. Excluding food and energy, core consumer prices jumped 0.3% for the biggest gain since August 2011 due to higher medical care and housing expenses.
Mortgage giant Fannie Mae reported a jump in net income in the fourth quarter. It had a profit of $2.47 billion in the quarter, compared to $1.31 billion a year ago. Most of the difference was due to a $135 million gain on the value of interest rate derivatives. But they cost Fannie $2.5 billion in the fourth quarter of 2014.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/consumer-inflation-flat-in-january-2016-02-19
http://www.marketwatch.com/story/fannie-mae-reports-247-billion-profit-in-fourth-quarter-2016-02-19
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