| The KUIK Market Update for Wednesday, August 7: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (70) | points | 15,449 | 8:09 AM | ||
| S&P500 | Down | -0.57% | percent | 1,688 | (9.66) | ||
| Nasdaq Composite | Down | -0.73% | percent | 3,639 | |||
| 30 Year Treasury | Down | (3) | Basis Points | 3.70 | Annual Yield | ||
| Bloomberg reports the S&P 500 is down a third day, on investor speculation the Federal Reserve will cut back on bond purchases as the economy strengthens. First Solar tumbled 11 percent after the largest U.S. solar-panel manufacturer said profit fell. Zillow dropped 9.1 percent after reporting a second-quarter loss. Walt Disney. dropped 3.1 percent after third-quarter profit was little changed from the same time a year earlier. Time Warneris up 2.5 percent as earnings exceeded analyst estimates. | |||||||
| The Federal Reserve will start to scale back its asset-purchase program in September, according to Goldman Sachs. In a research note, economist Kris Dawsey wrote that the decision to taper would ultimately depend on economic data. The Fed currently buys $85 billion in bonds each month and market participants have focused on indications when those purchases will be reduced. If the Fed begins to taper in September, it is likely that the purchases would conclude in mid-2014, consistent with Fed Chairman Ben Bernanke’s recent guidance, Dawsey said. Total purchases under the third round of quantitative easing would total about $1.3 trillion, bringing the Fed’s securities holdings to just under $4 trillion. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.bloomberg.com/news/2013-08-07/u-s-stock-futures-fall-as-investors-weigh-fed-tapering.html | |||||||
| http://blogs.marketwatch.com/capitolreport/2013/08/07/goldman-sachs-sees-september-start-for-fed-tapering/ | |||||||
| For today’s Morning Market Report click to listen-> | |||||||