| The KUIK Morning Market Report for Thursday, July 31: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (123) | points | 16,757 | 6:55 AM | ||
| S&P500 | Down | -0.8% | percent | 1,955 | (14.88) | ||
| Nasdaq Composite | Down | -0.9% | percent | 4,424 | (38.89) | ||
| 30 Year Treasury | Up | 4 | Basis Points | 3.35 | Annual Yield | ||
| The Labor Department reports that initial claims for unemployment benefits rose by 23,000 to 302,000 in the week ended July 26, giving back the decline from the prior week. That was in line with expectations. The big drop in claims earlier in July was probably due in part by annual summer shutdowns by some major manufacturers to retool their plants for new production. | |||||||
| Argentinia may have defaulted on some of its government bonds. A trustee in charge of some of Argentina’s debt told bondholders this morning that a payment had not been made on the bonds, putting the country in default. The nonpayment follows a court order last week prohibiting the funds from going to bondholders unless another group of holdout creditors is paid, even though Argentina had deposited the money with the trustee. | |||||||
| Labor costs are going up. The employment cost index climbed 0.7% in the second quarter after a 0.3% increase in the first quarter. Economists expected a 0.5% gain. Wages which are about 70% of employment costs, rose 0.6% in the second quarter, the biggest increase since the third quarter of 2008. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/us-jobless-claims-turn-higher-one-week-after-touching-14-year-low-2014-07-31 | |||||||
| http://www.marketwatch.com/story/argentina-trustee-declares-nonpayment-on-bonds-2014-07-31 | |||||||
| http://www.marketwatch.com/story/us-employment-cost-index-posts-fastest-rise-since-2008-2014-07-31 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||