The KUIK Morning Market Report for Friday, May 12:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(32)
points
20,887
7:08 AM
S&P500
Down
-0.2%
percent
2,391
(3.49)
Nasdaq Composite
Down
0.0%
percent
6,114
(2.22)
30 Year Treasury
Down
(4)
Basis Points
3.00
Annual Yield
The Labor Department reports consumer prices rebounded in April, supporting the Federal Reserve’s case for continued interest rate hikes. The consumer price index rose a seasonally adjusted 0.2% in April, mostly due to higher energy. But that followed a 0.3% drop in March. Energy prices jumped 1.1% in April for the biggest increase since January and are up 9.3% over the past year. Food prices rose 0.2% ion higher prices for fresh vegetables compared to March’s 0.3% increase. Core CPI, which excludes food and energy, rose 0.1%, reversing a 0.1% drop in March. That was less than expected. Economists expected overall CPI to rise 0.2% and core rate by 0.2%. They’r up 1.9% over the past year.
Yesterday Freddie Mac reported mortgage rates were steady. The 30-year fixed-rate mortgage averaged 4.05% this week, up from last week’s 4.02%. A year ago it was 3.57%. The 15-year fixed averaged 3.29% up from 3.27%. A year ago it was 2.81%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
