The KUIK Morning Market Report for Tuesday, February 28:
Markets are flat.
Index
Direction
Change
Units
Time
Dow
Down
(2)
points
20,820
8:18 AM
S&P500
Down
0.0%
percent
2,367
Nasdaq Composite
Up
0.0%
percent
5,847
30 Year Treasury
Up
2
Basis Points
2.97
Annual Yield
The first budget of the Trump administration seeka $54 billion in extra spending on defense, to be offset by equivalent decreases elsewhere. Spending on mandatory programs will not be hit, according to a briefing from the Office of Management and Budget. In a separate statement, President Trump has said “We’re going to do more with less.”
The National Association of Realtors index of pending home sales fell 2.8% to 106.4 in January. The index forecasts future sales by tracking real estate transactions in which a contract has been signed, but the deal has not yet closed. Contract activity was mixed, up 2.3% in the Northeast, up 0.4% in the South, down 5% In the Midwest, and off 9.8% here in the West. The NAR expects a 2.2% gain in sales of previously-owned homes in 2017 compared to 2016, but caution that the market will likely be “choppy” as demand surges past supply, pushing prices higher. Prices are up 7.1% compared to a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
