The KUIK Morning Market Report for Thursday, August 31:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
91
points
21,978
7:15 AM
S&P500
Up
0.5%
percent
2,470
12.10
Nasdaq Composite
Up
0.6%
percent
6,404
35.87
30 Year Treasury
Down
(1)
Basis Points
2.74
Annual Yield
The Labor Department reports new applications for unemployment benefits rose by 1,000 to 236,000 last week. Continuing claims fell 12,000 to 1.94 million the week ended August 19. New applications for benefits have been under 300,000 for 130 straight weeks, extending the longest streak since the 1970s.
The Commerce Department reports consumer spending rose 0.3% in July. Inflation has stayed low. The Personal Consumption Expenditures index which is the Federal Reserve’s preferred inflation gauge, rose 0.1%. The core rate that strips out food and energy also rose 0.1%. The 12-month rate of inflation was unchanged at 1.4%. Inflation had jumped to five-year high of 2.2% earlier in the year before it tapered off. The one downside is the U.S. savings rate fell to 3.5% from 3.6%, to the second lowest level since 2008.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
