The KUIK Morning Market Report for Wednesday, May 31:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(79)
points
20,951
7:14 AM
S&P500
Down
-0.3%
percent
2,406
(6.89)
Nasdaq Composite
Down
-0.5%
percent
6,172
(31.61)
30 Year Treasury
Down
(1)
Basis Points
2.88
Annual Yield
The Federal Reserve fined Deutsche Bank $41 million over anti-money laundering deficiencies in the bank’s U.S. operations. The Fed said there were billions of dollars in potentially suspicious transactions processed between 2011 and 2015 that weren’t properly scrutinized.
April’s pending home sales index from the National Association of Realtors fell 1.3% to a 109.8. The index is 3.3% lower than April 2016, for the first yearly decline since December. Economists expected a 0.5% increase. The Realtors forecast 5.64 million previously-owned home will sell in 2017, up 3.5% from 2016 and marking the best year for sales since the housing slump started in 2006. By region, pending-home sales were down 1.7% in the Northeast, off 4.7% in the Midwest, and 2.7% in the South. The West was the only region with an increase in April, up 5.8% although it’s still lower than a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
