| The KUIK Market Update for Wednesday, July 24: | |||||||
| Markets are mixed. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (25) | points | 15,542 | 8:03 AM | ||
| S&P500 | Down | -0.17% | percent | 1,690 | (2.83) | ||
| Nasdaq Composite | Up | 0.30% | percent | 3,590 | 4.45 | ||
| 30 Year Treasury | Up | 4 | Basis Points | 3.64 | Annual Yield | ||
| The U.S. flash manufacturing purchasing managers’ index rose to a 53.2 reading in July from 51.9 in June, Markit said today. This is the highest level in four months. Details of the report were strong as new orders and employment increased. In a note, Markit’s chief economist said “The pace of manufacturing growth… remains well below that seen at the start of the year, reflecting weaker demand from export markets, notably China and other emerging economies | |||||||
| Caterpillar is hurting the Dow. Caterpillar second-quarter profit shrank 43% as the maker of mining and construction equipment posted a sharp decline in revenue and margins contracted. The world’s largest seller of bulldozers now expects per-share earnings for the year of $6.50, on revenue of $56 billion to $58 billion, down from its prior forecast of $7 a share in profit and $57 billion to $61 billion in revenue. It expects the global economy to growth by just a little more than 2% in 2013, slowing slightly from a pace of around 3% in 2012. Cat’s global footprint, and exposure to China, give the Dow component credibility as a global economic indicator. | |||||||
| Oil futures cut their losses Wednesday after the Energy Information Administration reported a 2.8 million-barrel fall in crude stockpiles for the week ended July 19. Analysts polled by Platts were looking for a 2.5 million-barrel decline. Gasoline supplies declined by 1.4 million barrels. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/us-july-flash-factory-pmi-rises-to-4-month-high-2013-07-24 | |||||||
| http://www.marketwatch.com/story/caterpillar-net-down-43-on-revenue-slide-2013-07-24 | |||||||
| http://stream.marketwatch.com/story/markets/SS-4-4/SS-4-34499/ | |||||||
| For today’s Morning Market Report click to listen-> | |||||||