The KUIK Morning Market Report for Tuesday, October 24:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
170
points
23,444
7:16 AM
S&P500
Up
0.1%
percent
2,567
2.32
Nasdaq Composite
Up
0.1%
percent
6,594
7.62
30 Year Treasury
Up
3
Basis Points
2.92
Annual Yield
A pair of surveys of American companies shows that businesses grew at the fastest pace in October in at least eight months, according to IHS Markit. The firm’s flash manufacturing Purchasing Manager Index rose to 54.5 and hit a nine-month high. The flash services PMI increased to 55.9 from 55.3 and reached a eight-month peak. "The U.S. economy seems to have made a strong start to the final quarter of 2017," says Tim Moore, associate director at IHS Markit. Numbesr above 50% indicate more companies are growing instead of shrinking.
Japan’s Nikkei newspaper reports that iPhone X shipments will only total above half what was expected this year totalling about 20 million units, as Apple has struggled to solve technical issues with components supporting the new face authentication. At the beginning of mass production, there were defects in the bonding process for organic light-emitting diode panels. The problem was largely resolved around July, but manufacturers were only above to improve the number of good units, at the end of September.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
