The KUIK Morning Market Report for Wednesday, June 7:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
45
points
21,179
7:19 AM
S&P500
Up
0.2%
percent
2,434
4.85
Nasdaq Composite
Up
0.3%
percent
6,295
20.43
30 Year Treasury
Up
1
Basis Points
2.82
Annual Yield
Markets are expected to be quiet today while investors focus on tomorrow’s “Super Thursday” which includes testimony on alleged Russian interference in the 2016 U.S. presidential election from former Federal Bureau of Investigation Director James Comey, the U.K. general election where opinion polls mostly indicate a victory for Prime Minister Theresa May’s Conservative Party, and a meeting of the European Central Bank.
The Organization for Economic Cooperation and Development has cut its growth forecast for the U.S. this year and next, saying stimulative measures it had expected from the Trump administration would now likely be implemented later than previously anticipated. The OECD expects U.S. growth this year of 2.1%, down from the 2.4% forecast it gave in March. It also lowered its projection for 2018 to 2.4% from 2.8%. It raised its forecasts for Europe, Japan, and China for this year and next and predicts global economic growth for 2017 at 3.5%, up from the 3.3% it predicted in March. However the OECD believes financial markets are anticipating better growth than likely, heightening the risk of a "snap back" in asset prices. It also sees a red flag in housing markets because prices in some countries have risen to levels that have in the past preceded busts.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
