The KUIK Morning Market Report for Tuesday, February 23:
Markets are down.
Index Direction Change Units Time
Dow Down (81) points 16,540 8:28 AM
S&P500 Down -1.2% percent 1,923
Nasdaq Composite Down -1.3% percent 4,509
30 Year Treasury Down (3) Basis Points 2.59 Annual Yield
The Stoxx Europe 600 is off 0.4% at 331, but came off session lows as financial, industrial and consumer services shares swung higher. Yesterday the index was up 1.7% to 331.82, the highest close since Feb. 2, fueled by a rally for commodity shares as prices for oil and metals advanced. Today, the basic materials group was behind all others. Shares of BHP Billiton fell 3.1%. It’s the worldās largest mining company by market value and it cut its midyear dividend by 74% to 16 cents a share. BHP said the move should protect its balance sheet during what may be a āprolongedā period of low commodity prices.
A crude oil production freeze agreed to last week by oil-producing nations is a “first step,” and producers could “take other steps in the future,” according to OPEC’s Secretary General Abdalla Salem El-Badri yesterday. At an energy conference in Houston he said that the freeze should be evaluated after three to four months.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/european-shares-backtrack-from-3-week-high-as-oil-falls-again-2016-02-23
http://www.marketwatch.com/story/oil-production-freeze-is-first-step-opecs-el-badri-says-2016-02-23
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