The KUIK Morning Market Report for Friday, May 26:
Markets are flat.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(19)
points
21,065
7:19 AM
S&P500
Unchanged
0.0%
percent
2,415
0.02
Nasdaq Composite
Up
0.0%
percent
6,206
0.92
30 Year Treasury
Down
(2)
Basis Points
2.90
Annual Yield
The Commerce Department reported orders for durable goods fell 0.7% in April. That was actually better than expected economists expected a 1% drop. That follows four straight monthly increases, including a 2.3% gain in March that was revised upward from 1.7%. Bookings for large commercial aircraft fell 9.2% but orders for new cars were up 0.3%. Overall, orders minus transportation fell 0.4%.
The Commerce Department also reported that the U.S. economy did better than expected in the first quarter. The government raised the growth rate to 1.2% from its original estimate of 0.7%. Economists polled by MarketWatch forecast 3% growth here in the second quarter. The first-quarter slowdown was largely the result of a temporary pullback in consumer spending and buildup in business inventories. Corporate profits fell for the first time in three quarters. Adjusted pretax profits fell at 1.9% annually in the first quarter, adjusted for depreciation and inventories, but profits are up 3.7% from a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
