The KUIK Morning Market Report for Monday, March 6:
Markets are down.
Index
Direction
Change
Units
Time
Dow
Down
(68)
points
20,940
7:28 AM
S&P500
Down
-0.5%
percent
2,371
Nasdaq Composite
Down
-0.6%
percent
5,834
30 Year Treasury
Up
1
Basis Points
3.09
Annual Yield
The Commerce Department reports factory orders climbed 1.2% in January, meeting expectations. Orders have climbed for 6 of the last 7 months and are 0.3% excluding transportation. Orders for industrial machinery climbed 6.6%, while orders for photographic equipment fell 15%.
Geopolitical issues are in focus after North Korea fired four ballistic missiles into the waters off its east coast early Monday Seoul time. A Japanese government spokesman said three of those missiles had landed inside Japan’s Exclusive Economic Zone, an area that extends from its coastline to about 230 miles out to sea. That news drove gains for the Japanese yen and gold.
European stock markets were lower with the Stoxx Europe 600 down, , led by losses for the German DAXDAX, -0.61% as Deutsche Bank tumbled. In Asia markets shrugged off North Korea’s missiles tests, with the Nikkei slipping 0.5%, and South Korea’s Kospi finishing up 0.1%. The Shanghai Composite gained 0.5% after Chinese Premier Li Keqiang said the country’s GDP growth target for the year would be “around” 6.5%, versus the stated 2016 goal of between 6.5% and 7%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
