The KUIK Morning Market Report for Tuesday, May 16:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
43
points
21,024
7:13 AM
S&P500
Up
0.0%
percent
2,403
0.68
Nasdaq Composite
Up
0.2%
percent
6,159
9.44
30 Year Treasury
Down
(2)
Basis Points
2.99
Annual Yield
The Federal Reserve reports industrial production grew 1% in April, for the fastest pace since February 2014. Economist expected only 0.5%. March was revised down slightly to 0.4% from the initially reported 0.5% gain.Output’s been up for three straight months and it’s up 2.2% compared to a year ago. Manufacturing output grew 1% after a 0.4% increase in March, also the fastest rate since February 2014. Automotive production rebounded 5% after a 3.6% drop in March. But the pickup was broad-based. Excluding autos, manufacturing was up 0.7%. Utilities output rose 0.7% after jumping 8.2% in March. Mining output, which includes oil and gas extraction, rose 1.2 after a 0.4% drop in March. Finally, capacity utilization rose to a 20-month high of 76.7% from March’s 76.1%.
The Commerce Department reports housing starts in April fell 2.6% to a 1.17 million annual pace, just 0.7% higher than April 2016 and below economists’ expectations for a 1.26 million annual pace.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
