| The KUIK Morning Market Report for Wednesday, June 25: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Up | 18 | points | 16,837 | 7:07 AM | ||
| S&P500 | Up | 0.0% | percent | 1,951 | 0.84 | ||
| Nasdaq Composite | Down | 0.0% | percent | 4,349 | (1.39) | ||
| 30 Year Treasury | Down | (4) | Basis Points | 3.37 | Annual Yield | ||
| The Commerce Department reports orders for durable goods fell a seasonally adjusted 1.0% in May after a revised 0.8% gain in April. The increase in April was due to a record order by the Navy for nuclear submarines. The government initially reported a 0.6% gain. Orders for military hardware had surged since January but economists expect bookings to taper off given a slowdown in defense spending. Orders for large military hardware sank more than 31% in May, the biggest decline in over a year. | |||||||
| The Commerce Department also reports the economy contracted by 2.9% in the first quarter, marking the biggest decline since early 2009 when the Recession was winding down. The economy previously was estimated to have shrunk 1% in the first three months of the year due to a harsh winter. The decline in GDP is the largest during a period of economic expansion since 1956. The drop in GDP is due mainly to lower consumer spending on healthcare. The government originally assumed that the introduction of Obamacare would boost health-care spending in the first three months of the year. Yet health-related spending actually fell by $6.4 billion instead of rising by $39.9 billion as previously estimated. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/military-retreat-reduces-durable-goods-orders-2014-06-25 | |||||||
| http://www.marketwatch.com/story/us-growth-contracted-29-in-first-quarter-2014-06-25 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||