The KUIK Morning Market Report for Tuesday, August 22:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
132
points
21,835
7:27 AM
S&P500
Up
0.6%
percent
2,443
14.92
Nasdaq Composite
Up
0.9%
percent
6,269
56.18
30 Year Treasury
Up
2
Basis Points
2.78
Annual Yield
Senate Majority Leader Mitch McConnell said Monday there’s "zero chance" that the debt ceiling won’t be raised. Speaking at an event in Kentucky with Treasury Secretary Steven Mnuchin, the Kentucky Republican said "America’s not going to default." Mnuchin has said the Treasury can keep paying bills through September.
Shares of companies in the defense industry are up today, after last night’s speech by President Trump in which he said he intended to step up the fight against extremists and Taliban forces in Afghanistan. The SPDR S&P Aerospace & Defense ETF is up 1%. Lockheed Martin is up 0.5% and Boeing is up 0.9%.
The U.S. dollar is higher against other major currencies this morning in thin trading conditions ahead of more insight on interest rates this week when the Kansas City Federal Reserve Bank hosts its annual Jackson Hole retreat. Remarks by European Central Bank President Mario Draghi on Friday will be watched for clues that bank’s plan to begin winding down its asset-buying program. Fed Chairman Janet Yellen will also speak on Friday.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
