The KUIK Morning Market Report for Friday, October 20:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Unchanged
points
4:19 AM
S&P500
Up
0.0%
percent
2,562
0.84
Nasdaq Composite
Down
-0.3%
percent
6,605
(19.15)
30 Year Treasury
Down
(2)
Basis Points
2.83
Annual Yield
Oil prices are lower for a second straight day as traders worry that OPEC production cuts won’t be enough to reduce the global supply glut that’s keeping a lid on prices. November crude fell 1.1%, to $50.75 a barrel. On Thursdayn traders took profits after four straight sessions of gains. Not even upbeat comments from Mohammad Barkindo, Secretary-General of OPEC, could lift the markets as analysts question whether the cartel’s efforts to balance the market will work.
In a late-night vote Thursday, the Republican-dominated Senate narrowly approved a budget blueprint for the next fiscal year, clearing a hurdle to overhaul the tax code and enact tax cuts. The budget will allow the deficit to rise by $1.5 trillion over 20 years to pay for the tax cuts supported by President Trump. The Dow and S&P 500 have gained more than 26% and 20%, respectively, since last year’s election. Hopes for tax cuts haven’t been the sole reason for those gains, but many investors believe they are what’s needed to keep the market on an upward path. Treasury Secretary Steven Mnuchin echoed that sentiment in a recent interview.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
