The KUIK Morning Market Report for Thursday, November 30:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
113
points
24,054
7:07 AM
S&P500
Up
0.4%
percent
2,637
1.74
Nasdaq Composite
Up
0.3%
percent
6,841
5.24
30 Year Treasury
Unchanged
–
Basis Points
2.82
Annual Yield
The Labor Department reports intial claims for unemployment benefits fell by 2,000 to 238,000 ithe week ended November 25, but that included the Thanksgiving holiday. Continuing claims increased by 42,000 to 1.96 million the week before.
The Commerce Department reports consumer spending rose 0.3% in October. Economists expected 0.2%. That follows a nearly 1% gain in September month that was the largest in eight years. Personal income rose 0.4% for the second month in a row while the savings rate edged up to 3.2% from September’s 3%. That was a 10-year low.
The Trump administration has formally rejected China’s request that it be treated as a “market economy” under global trading rules. The U.S. submitted its decision to the World Trade Organization in Geneva in mid-November. The trading partners of a country considered a “nonmarket economy” have wider discretion to impose higher duties on its exports on the theory that distortions from state intervention give its producers unfair advantages. Economists estimate that the decisions by the U.S. and European Union to treat China as a nonmarket economy have cost Chinese producers billions of dollars in exports, with some of their goods facing tariffs above 100%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
