The KUIK Morning Market Report for Wednesday, August 23:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(54)
points
21,845
7:03 AM
S&P500
Down
-0.3%
percent
2,445
(7.48)
Nasdaq Composite
Down
-0.3%
percent
6,278
(19.49)
30 Year Treasury
Down
(3)
Basis Points
2.76
Annual Yield
The IHS Markit flash manufacturing purchasing managers index fell to a two-month low of 52.5 from 53.3 in July, while the services index rose to a 28-month high of 56.9, up from 54.7 in July. Readings above 50 indicate improving conditions. Flash responses are based on 85% to 90% of total survey responses each month.
The iShares MSCI Mexico Capped ETF is off 0.8% after President rump suggested he would scrap the North American Free Trade Agreement, something that has historically been a boon to Mexico’s economy. "I think we’ll end up probably terminating Nafta at some point," he said in a speech where he also said he was prepared to shut the U.S. government down in order to secure funding for a proposed border wall with Mexico.
The Kansas City Federal Reserve Bank’s central bank symposium in Jackson Hole, Wyoming starts tomorrow. Fed Chairman Janet Yellen and European Central Bank President Mario Draghi are among top speakers on Friday. Investors hope to get hints on future monetary policies from both institutions.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
