The KUIK Morning Market Report for Thursday, August 17:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(93)
points
21,932
7:06 AM
S&P500
Down
-0.3%
percent
2,460
(7.85)
Nasdaq Composite
Down
-0.4%
percent
6,319
(26.53)
30 Year Treasury
Up
1
Basis Points
2.82
Annual Yield
The Labor Department reports initial claims for unemployment benefits last week fell by by 12,000 to 232,000. That is the lowest level since February and the second lowest since the current economic expansion began in 2009. Continuing jobless claims fell by 3,000 to 1.95 million in the week ended August 5.
The survey of factory activity from the Philadelphia Fed fell to 18.9 from 19.5. That was better than the 17 economists expected. The details were stronger than the headline. New orders and shipments both increased. Labor was mixed. The number of employees fell while the average workweek rose.
The Federal Reserve reported industrial production rose in July for the second month in a row by 0.2%. Economists expected 0.3%. Utilities surged 1.6% due to cooling and mining output also rose 0.5% for the fourth straight increase reflecting frackers pulling more oil and natural gas out of the ground.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
