The KUIK Morning Market Report for Thursday, February 16:
Markets are flat.
Index
Direction
Change
Units
Time
Dow
Down
(6)
points
20,608
7:02 AM
S&P500
Down
-0.2%
percent
2,345
Nasdaq Composite
Down
-0.1%
percent
5,815
30 Year Treasury
Down
(2)
Basis Points
3.07
Annual Yield
The Labor Department reports new applications for unemployment benefits rose by 5,000 last week to 239,000. Economists expected a seasonally adjusted 242,000 . Continuing claims felll by 3,000 to 2.08 million in the week ended Feb. 4.
The Philadelphia Fed’s manufacturing index surged to a reading of 43.3 in February up from January’s 23.6. That’s the highest level since 1984, on a scale where readings above zero indicate improving conditions. Economists expected only 20. Manufacturing activity in the Philadelphia region has been improving since the middle of last year. New orders and shipments rose. Employment moderated but stayed in positive territory for the third straight month, and price pressures are moderate.
The Commerce Department reports construction on new homes fell 2.6% in January, to 1.25 million annually. Economists expected 1.23 million. Starts fell 41% in the West and 18% in the Midwest, but increased 55% in the Northeast, and 20% in the South. Most of the drop was in multifamily. Construction on apartments, condos, and buildings with five or more units fell by almost 8%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
