The KUIK Morning Market Report for Friday, May 19:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
79
points
20,742
7:03 AM
S&P500
Up
0.6%
percent
2,379
13.26
Nasdaq Composite
Up
0.6%
percent
6,089
33.80
30 Year Treasury
Up
2
Basis Points
2.92
Annual Yield
The Trump Administration will release next years budget on Tuesday. It will propose balancing the the federal budget over 10 years. It will spare Medicare and Social Security, the two largest drivers of future spending and cut trillions from other programs including education, housing, environment, and foreign aid already laid out by the administration, and add new proposed reductions to nondiscretionary spending like food stamps, Medicaid, and federal employee-benefit programs.
The House of Representatives could have to vote again on repealing Obamacare, according to Bloomberg. The report quotes Rep. Greg Walden, the Republican who represent’s Oregon 2nd district and chair of the House Energy and Commerce committee. He said parts of the bill might have to be redone depending on how the Congressional Budget Office estimates its effects. House Republicans have yet to send the bill to the Senate because the CBO has to conclude it saves at least $2 billion to conform to rules that prevent a filibuster. The CBO report on the bill is expected next week. House Republicans narrowly passed the measure on May 4.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
