The KUIK Morning Market Report for Thursday, November 3:
Markets are mixed.
Index
Direction
Change
Units
Time
Dow
Up
33
points
17,993
7:03 AM
S&P500
Up
0.0%
percent
2,098
Nasdaq Composite
Down
-0.2%
percent
5,098
30 Year Treasury
Up
4
Basis Points
2.60
Annual Yield
The Labor Department reports that new applications for unemployment benefits last week rose by 7,000 to a three-month high of 265,000. Economists expected a seasonally adjusted 258,000. initial claims have been below 300,000 for 87 straight weeks, the longest streak since 1970. Continuing claims fell by 14,000 to 2.03 million in the week ended Oct. 22.
Fannie Mae reported a $3.2 billion profit for the third quarter, compared to $2 billion during the third quarter of 2015 as losses on interest-rate derivatives decreased. As interest rates moved in the company’s favor, it recognized $491 million in fair value losses compared to losses of $2.6 billion a year ago. That offset a revenue drop to $5.61 billion from $5.85 billion. Fannie Mae and Freddie Mac have operated under federal conservatorship since the 2008 financial crisis.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
