The KUIK Morning Market Report for Thursday, November 10:
Markets are mixed.
Index
Direction
Change
Units
Time
Dow
Up
105
points
18,697
8:20 AM
S&P500
Down
-0.3%
percent
2,158
Nasdaq Composite
Down
-1.3%
percent
5,185
30 Year Treasury
Up
1
Basis Points
2.89
Annual Yield
The Labor Department reports new applications for unemployment benefits fell by 11,000 to 254,000 last week. Economists expected a seasonally adjusted 260,000. New claims have been under 300,000 for 88 straight weeks. That last occurred in 1970. Continuing claims increased by 18,000 to 2.04 million in the week ended Oct. 29.
OPEC’s oil production rose to record highs in October and is expected to stay high this month. The International Energy Agency in its monthly report said OPEC crude output rose by a 230,000 barrels a day to a record high of 33.83 million barrels a day in October, beyond the high end of its proposed output range. The IEA says “2017 could be another year of relentless global supply growth similar to that seen in 2016.”
December high grade copper is up 3.6% to $2.55 a pound. That’s the biggest gain since September 2015 according to FactSet. Yesterday copper prices hit their highest level since July 2015 after Donald Trump, while addressing supporters after winning the presidency, repeated his plan to upgrade the country’s infrastructure. Improving of roads, airports and ports are among the projects Trump has previously said he wants to tackle.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
