| The KUIK Market Update for Wednesday, June 11: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (86) | points | 16,860 | 7:48 AM | ||
| S&P500 | Down | -0.4% | percent | 1,944 | (7.05) | ||
| Nasdaq Composite | Down | -0.2% | percent | 4,330 | (7.79) | ||
| 30 Year Treasury | Down | (2) | Basis Points | 3.45 | Annual Yield | ||
| House Majority Leader Eric Cantor lost his re-election bid, falling to Tea Party challenger David Brat in a Virginia Republican primary in one of the biggest upsets in modern congressional history. Cantor is the second-ranking House Republican and was considered the frontrunner to become the next House speaker. Brat teaches economics at Randolph-Macon College in Ashland, Virginia, and had campaigned saying Cantor was part of the Washington establishment. | |||||||
| The World Bank forecast in a report that the global economy will expand at 2.8 percent this year, down from a January projection of 3.2 percent. The lender predicted slower growth for the U.S., China, Russia, India and Brazil. It left the estimate for world growth in 2015 unchanged at 3.4 percent. | |||||||
| Oil futures are trading higher after weekly data showed a drop in U.S. crude supplies more than double what the market expected. The U.S. Energy Information Administration said crude stockpiles fell 2.6 million barrels for the week ended June 6. Analysts polled by Platts forecast a decline of 1.2 million barrels. Gasoline supplies rose by 1.7 million barrels and were expected to fall by 500,000 barrels. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.bloomberg.com/news/2014-06-11/house-majority-leader-cantor-loses-to-tea-party-opponent.html | |||||||
| http://www.bloomberg.com/news/2014-06-11/u-s-stock-futures-decline-on-world-bank-growth-forecast.html | |||||||
| http://www.marketwatch.com/story/eia-says-us-crude-oil-supply-down-26-mln-barrels-2014-06-11?link=MW_home_latest_news | |||||||
| For today’s Market Update Report click to listen-> | |||||||