The KUIK Morning Market Report for Wednesday, March 2:
Markets are down after yesterday’s big gain.
Index Direction Change Units Time
Dow Down (62) points 16,805 6:00 PM
S&P500 Down -0.3% percent 1,973
Nasdaq Composite Down -0.2% percent 4,680
30 Year Treasury Up 1 Basis Points 2.71 Annual Yield
The American Petroleum Institute reported late yesterday that crude inventory grew by 9.9 million barrels last week. That was higher than the 2.6 million-barrel analyst estimate. Official data from the U.S. Energy Information Administration is due later today. As of last week, total crude inventories stood at 507.6 million barrels, a weekly high. The last time inventories exceeed 500 million barrels was in 1930. April crude is off 0.8% to $34.11 a barrel on the New York Merc.
ADP reports that the private sector added 214,000 jobs in February, up from January’s revised gain of 193,000. Economists expected only 185,000. The Labor Department’s employment report will be released Friday and includes both government and private sector jobs. Economists expect that report to show that nonfarm payrolls rose by 198,000 in February, compared 151,000 in January.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/oil-prices-fall-after-surprising-spike-in-crude-stockpiles-2016-03-02
http://www.marketwatch.com/story/adp-shows-job-gains-accelerate-in-february-2016-03-02
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